The Association of Bureaux De Change Operators of Nigeria (ABCON) on Friday alerted members of the public about ongoing security investigation into fake $100 bills allegedly imported into Nigeria from India.

ABCON President, Alhaji Aminu Gwadabe, disclosed this in a statement after the association’s National Executive Council (NEC) meeting in Lagos.

Gwadabe said the $100 bills were majorly counterfeit. He said some of the fraudsters’ objective was not only to make profit, but to undermine Nigeria’s chances for automatic membership of the Financial Action Task Force (FATF) after assessment of the country’s financial system scheduled to hold before March.


The ABCON boss said the issue of fake dollar in circulation had been observed and reported to relevant security agencies, adding that the ABCON, had in the interest of the economy and Bureaux De Change (BDCs) businesses, secured Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) backing to begin nationwide campaign against fake currencies in the country.

He said rising cases of fake currencies in circulation had led to huge losses to BDC operators and the economy.

Gwadabe said ABCON would continue to educate members of the public on how to identify fake dollar bills in order to protect the image of the country in the eyes of foreign investors.

“It is part of our objectives which in enshrined on our constitution as an association to eliminate the incidences of fake currencies circulation thereby enhancing the image of the country and transparency in our operations,” he said.

Gwadabe said the ABCON NEC had released a guide to all BDCs on how to detect a fake dollar bill.

He disclosed that there are seven dollar bills of $1, $2, $5, $10, $20, $50 and $100 and seven steps to authenticate each of them.

“The weight of each bill is one gram, 2.61 inches wide and 6.14 inches length. It is 75 per cent cotton and 25 per cent linen. Your finger can feel thickness and texture. “Besides, the portrait water mark is partly overlapped by the Treasury seal, while the $100 bill is printed on the right side of the bill.

The strip is thin, faint and runs vertically from top to bottom to the left of the watermark portrait. Also, the 3D security ribbon, also called the thread, is bright blue and vertical on the bill,” he said.

Continuing, Gwadabe explained that the raised printing feels rough on right shoulder of Benjamin Franklin portrait while the colour shifting ink works under ultra violet light.

He added that the dollar bill undergoes micro printing, which is the production of recognisable patterns or characters in the bill at a scale that requires magnification to read with the naked eye. To the unaided eye, the text may appear as a solid line.

https://www.thisdaylive.com/index.php/2019/02/23/fake-100-in-circulation-abcon-warns/?amp

FTC on election day. This is the sign of Buhari victory. if you are not voting Buhari, u are wasting your vote.


PDP is a gathering of thieves and criminals, they are the defendant of corruption in Nigeria, when PDP start supporting u, just know that u are corrupt.

My vote and that of my family is for PMB.

To those of us that are bent on rescuing the soul of this country from this gathering of looter, let's come out and vote o, let's Atiku slaves have Nairaland for today, let them win on Nairaland while will win in real life.




4+4

people wet go run comot for this country this week go plenty

magu tops the list if buhari loses

Abeg where can I get this fake dollar...

Dnt mind voting for any party dat will offer me a fake dollar
I will know that is my benefit from my vote

Election spree

ALREADY GETTING PREPARED TO ATIKULATE DIS MORNING

Fake money from the fake Government
Buhari’s blood pressure will rise today

Olofo didan

Story!!!

So, I will vote and they will still scam me of fake dollar...By their fruits we shall know them

sogodihno:
FTC on election day. This is the sign of Buhari victory. if you are not voting Buhari, u are wasting your vote.


PDP is a gathering of thieves and criminals, they are the defendant of corruption in Nigeria, when PDP start supporting u, just know that u are corrupt.

My vote and that of my family is for PMB.

To those of us that are bent on rescuing the soul of this country from this gathering of looter, let's come out and vote o, let's Atiku slaves have Nairaland for today, let them win on Nairaland while will win in real life.




4+4

Where is your sense man

Sweetcollins:



Where is your sense man

Save your tears, u will seriously need it in 12 hours time, we will bring bucket for u to cry into.

I and my family is not voting Atiku. Shikena.


4+4

All these BDC should stop lying. Dollars has crashed and the propaganda to try to redeem the value needs to stop

.

Ask Ganduje

We all know those thieves and looters who brought the fake notes into the country.

Those who collected money from that thief won't be able to spend it after election when they discover it's fake.

09064759446

Someone here who can link me up with a doctor friend or nephrologist?

Sweetcollins:



Where is your sense man

Lost and yet to be found. The suffering buhari will upload in the next 4yrs if he win will help him found it

sogodihno:
FTC on election day. This is the sign of Buhari victory. if you are not voting Buhari, u are wasting your vote.


PDP is a gathering of thieves and criminals, they are the defendant of corruption in Nigeria, when PDP start supporting u, just know that u are corrupt.

My vote and that of my family is for PMB.

To those of us that are bent on rescuing the soul of this country from this gathering of looter, let's come out and vote o, let's Atiku slaves have Nairaland for today, let them win on Nairaland while will win in real life.




4+4

According 2d story, d fake $100 bills were imported into d country from India. How did they pass thru customs?

....FINALLY, IT'S TIME TO UN-VOTE THE REDUNDANT/CLANISH SCAMER I WASTED MY VOTE ON IN 2015!

#DAY OF RECKONING!

#CHANGE THE CHAINge!

#RESCUE NIGERIA!

Hotfreeze:
We all know those thieves and looters who brought the fake notes into the country.

Those who collected money from that thief won't be able to spend it after election when they discover it's fake.

How did fake $ notes make their way into d country? How did they pass thru customs?

Bar1941:
Atiku handiwork

How did d dollars pass thru customs?

lexy2014:


How did fake $ notes make their way into d country? How did they pass thru customs?

Ask the retired Customs officer who is contesting.

sogodihno:
FTC on election day. This is the sign of Buhari victory. if you are not voting Buhari, u are wasting your vote.


PDP is a gathering of thieves and criminals, they are the defendant of corruption in Nigeria, when PDP start supporting u, just know that u are corrupt.

My vote and that of my family is for PMB.

To those of us that are bent on rescuing the soul of this country from this gathering of looter, let's come out and vote o, let's Atiku slaves have Nairaland for today, let them win on Nairaland while will win in real life.




4+4

Boss tell me what buhari has achieved?

Na dem dem again.Atiku people

One just have to expect the unexpected when it comes to our dear country, Nigeria.

Buhari See your life

lexy2014:


How did d dollars pass thru customs?

Atiku was their former boss, he still have his boys there.