Business

How To Identify Fake Naira Notes

Published

3 years ago

December 20, 2022

Some days after the Central Bank of Nigeria (CBN) released the redesigned Naira currency in the denominations of N200, N500 and N1,000, fake notes of the new N1000 Naira notes have been circulated in the economy.

A fake currency is an imitation of currency produced without legal authorisation from the state of government.

Identification of original Naira notes from fake pieces in the economy does not require a formal education, there are differences to look for.

This report reveals how fake Naira notes can be identified which will prevent good citizens from being scammed.

The Naira notes are protected by various security features to enable the easy recognition of genuine notes.

These are five simple guidelines on a Naira note that will help you to differentiate a counterfeit Naira from a genuine one.

1. Check the texture

If the texture of the Naira note is soft and the image in it appears dull, you have the right to be concerned, reject it and demand another one.

This means that you should be sensitive to the touch of the money you are given when involved in any transaction.

2. Observe the gold foil

The N1000 note has a gold foil on the right side, just near the CBN governor’s signature. If you scratch the gold foil of a fake note it will peel off instantly but the gold foil on the original note does not peel.

3. Use water or other liquid

You can differentiate fake currency from the original by using water or other liquid. Scammers release fake money and the colours they use in printing counterfeits are soluble in water and some other liquids.

If you are not certain about the originality of a Naira note, dip it in water or petrol and scrub it gently. The colours will change immediately if it is fake money. The colours of counterfeit money will wash off like an artwork painted with watercolour.

Again, the moment you immerse it in water, the paper becomes messed up. It will get rough and look more like a paper mache. However, the real note will not look like this when immersed in water or any liquid.

4. Examine the ribbon/thread

There is a thread which appears like a ribbon on all Naira notes, running from the top to the bottom.

In real notes, this thread can be felt with a touch. It is more noticeable on old Naira notes. However, in fake notes, there is something that looks like the thread but it is not.

In the counterfeit notes, what is there is just a straight-line painting that looks like the thread in the original notes. If you scratch the painting, it will peel off like the solver panel on recharge cards.

5. Use mercury bulbs

Some qualities of the paper Naira notes cannot be seen with the naked eye. These features are only in original Naira notes, and one cannot see them except with the help of mercury bulbs.

For instance, if a real N1000 note is placed under the rays from a mercury bulb, it will show a shining 1000 (in numbers) written across the note. The same is applicable to smaller denominations.

These five simple tips discussed above are enough for anyone to use to differentiate original Naira notes from fake ones.
VANGUARD

Business

Naira Depreciates Against Dollar

Published

2 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.