Nigerians are beginning to ask if the new banknotes have already been counterfeited. This is coming after a viral social media post purports to show what was allegedly fake 1,000 naira notes of the recently released bank notes received by a Point of Sale (PoS) operator.
The post showed the alleged fake notes alongside original notes for people to tell the difference.
All these is happening barely four days after the Central Bank of Nigeria, (CBN) began roll out the newly redesign naira notes on 15 December, 2022.
Intaglio: This is when the image on the naira note is incised into a surface, and the incised line or sunken area holds the ink.
Portrait watermark: A watermark is a logo, piece of text, or signature superimposed onto a photograph. Watermarks are typically transparent, so those viewing the image can still admire it. The new naira notes’ watermark is in portrait form, as seen in the illustrations.
Optically Viable Ink (OVI): The light reflects off OVI security ink when viewed at an angle. The light makes the ink’s colour appear different compared to looking at it straight. In many use cases, OVI may be transparent when viewed directly but takes on colour when viewed at an angle. For instance, the OVI in the new naira notes changes from blue to green with a change in the view angle.
Kinegram: This is one of the easiest ways to identify counterfeit notes. It provides quality identification and security features for the new naira notes. The Kinegram is made of an image of the Nigerian Coat of Arms in the original new ₦1000 note.
Iridescent band: A symbol at the top of the new ₦1000 note changes when seen from different angles.
Engraved portrait: The picture of Nnamdi Azikiwe on the new ₦500 note is being carved into a surface. The portrait is painted or sketched on the right side to enable you to identify the original.