Four days after the new Naira notes were rolled out to the public by the Central Bank of Nigeria (CBN) through the commercial banks it has been reported that the new naira notes are already being counterfeited.
In a video which has now gone viral, a man was heard saying his wife, who operates a Point of Sale (PoS) machine was given a counterfeited N1,000 new naira note.
He displayed the genuine and counterfeited new naira notes for viewers to spot the difference.
He said: “Ladies and gentlemen. Fake money is in town now. People should be very careful. This is the original one, while this is the fake one.
“My wife is doing PoS business, someone gave her this money, but we do not know who it was. We later discovered that the money is fake.”
President Muhammadu Buhari had last month unveiled the new notes of the three highest denominations of the Nigerian currency: N200, N500 and N1,000.
The unveiling was done at the Council Chambers of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council meeting.
Central Bank Governor Godwin Emefiele, said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.
The CBN is by law responsible for the issuance of the Naira and kobo (Sections 17, 18 and 19) of the CBN Act.
It is also against the law for any individual or establishment outside the CBN, to print money or be in possession of counterfeit notes.
“If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20),” the CBN said in a circular on its website.
The CBN said the Naira banknotes are protected by a number of security features to enable the easy recognition of genuine notes.
