News

Man caught on tape producing fake new naira notes that can pass for real ones

Published

2 years ago

May 4, 2023

A man has been captured on camera producing counterfeit new naira notes that look exactly like the real currency.

He was seen in a studio-like apartment with two other people making many copies of the note and cutting them to size so that it could pass for the original.

The person who recorded the video showed off a finished sample of the counterfeit and many people would most likely fall victim if it were used for transactions because only an expert can differentiate it from the one produced by CBN.

See the clip below:

View this post on Instagram

A post shared by Instablog9ja (@instablog9jamedia)

Meanwhile, the Nigerian Security Printing and Minting, (NSPM), earlier said that the new naira notes stain white surfaces as part of a security feature.

Managing Director of NSPM, Ahmed Halilu made this known in a statement while highlighting some features of the new N200, N500 and N1,000 notes.

He said this was in order to sensitise those that have expressed concerns about the quality.

Halilu said; “The attention of the Nigerian Security Printing and Minting Plc has been drawn to various clips, skits, concerns and comments on various platforms regarding the quality of the redesigned banknotes that were recently unveiled and issued by the Central Bank of Nigeria.

“As the nation’s foremost security printing and minting company saddled with the responsibility of producing the country’s currency (naira), we find it expedient to address the salient issues and further enlighten Nigerians on the features of the currency and, most importantly, the misconception about the quality of the new naira notes.

“The NSPM Plc has been meeting the currency needs of Nigeria with the support of the Central Bank of Nigeria since 2014. Indeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.

“We want to inform all Nigerians that the new naira notes are of the same substrates and passed through the same printing processes and finishing procedures. It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces. It is, however, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.

“In addition, the second stage of currency printing (Intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design.”