July 12, 2020 All Things Fintech in Africa

How to know fake naira notes

How to know fake naira notes– It is possible to tell if someone has given you counterfeit naira notes by looking at the physical characteristics of the bill, such as ink, colors, and text.

How to know fake naira notes

An estimated N100 million worth of counterfeit money is currently circulating in Nigeria . In this guide, we’ll help small business owners equip themselves with the knowledge necessary to detect these fake naira notes.

Counterfeit cash is much less of an issue for businesses that receive most of their revenue through credit card sales. However, if you business receive most of its revenue through physical cash here are 5 ways to know if a naira note is fake.

How to know fake naira notes

1. Check the texture

One of the first things to look for when checking to see whether or not a naira note is authentic is to see it the texture of the note is too soft or image looks too dull or blurry. If you notice significantly blurry borders, printing, or text, it is an automatic red flag.

2. Check the gold foil

The N1000 note comes with a gold foil on the right side beside the CBN governor’s signature. You should have it in mind that if you peel the foil of a fake note it will fall off. If the foil fall off that means it is fake.

3. Use mercury bulbs

Some features of the naira notes cannot be seen with naked eyes.  These features are only in genuine naira notes and one cannot see them except with the help of mercury bulbs.

If a authentic N1000 note is placed under the rays from a mercury bulb, it’ll show a glowing 1,000 in numbers written across the note. But when you place the fake note everything about it will be upside down.

4. Use water

One of the easiest way to know fake naira notes is to quickly wet your hand with water then use that same hand to fold the money or scrub it gently, if the money is fake, the colour will start washing off immediately.

You can also immerse the money in water for 20 seconds. If the money is fake, you will notice the colour will start washing off but the original currency will never wash.

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