The fortified security features on naira notes have made it difficult for counterfeiters to successfully clone the currency, the Central Bank of Nigeria, has said.



The clarification by the apex bank follows recent reports of people who had successfully counterfeited the United States’ dollar.



Some foreign nationals had at different times been convicted of smuggling millions of counterfeited dollars into the US. Recently, an American citizen paid a fake $100 bill as his tax.



Speaking with our correspondent, the Head, Corporate Communications, CBN, Mr. Mohammed Abdullahi, said that there were security features on naira notes that would make it difficult for anyone to fake them.



According to him, ”We have measures to protect the naira notes; we have security features on the naira, very serious and fortified securities that counterfeiters cannot succeed in faking it 100 per cent correctly. If they fake it, you will always know that it is a fake note.”



He noted that worldwide, it was difficult to stop counterfeiters from trying to fake currencies.



All over the world, he added, people attempt to print money on their own because the regulators would not always know when they were trying to do so.



So far, Abdullahi said there had not been any report of people counterfeiting the naira notes.



”There is no currency in the world that counterfeiters do not try to fake, even the dollars and pounds, but what is important is that the currency should have enough security features, that once they fake it, you can easily know. They will never be able to deceive the public.”


http://www.punchng.com/Articl.aspx?theartic=Art20100908024181

Those of you making jest about the security of the naira should have known that counterfeit traffickers do not waste time in currencies that have little or no value.The issue should not be about the security of the falling and dilapidated national currency but on what measures should be taken to halt the constant sliding of the naira.What level of economic activities can be put in place to resuscitate our currency.Until this question is addressed,the Central Bank of Nigeria will remain a feather.

wales:

Those of you making jest about the security of the naira should have known that counterfeit traffickers do not waste time in currencies that have little or no value.The issue should not be about the security of the falling and dilapidated national currency but on what measures should be taken to halt the constant sliding of the naira.What level of economic activities can be put in place to resuscitate our currency.Until this question is addressed,the Central Bank of Nigeria will remain a feather.

Bro, you said it all.
I rest my case.

The CBN is releasing this story ostensibly for drawing attention to the threat of the Naira being counterfeited, but everyone in their right mind knows that the real purpose of this story is to draw attention to a Naira that is otherwise valueless. That way, the CBN, knowing they and the Naira are practically irrelevant in world markets, attempts to make themselves relevant, perhaps to the Nigerian public, by dishing out this propaganda.

Princek12:

The CBN is releasing this story ostensibly for drawing attention to the threat of the Naira being counterfeited, but everyone in their right mind knows that the real purpose of this story is to draw attention to a Naira that is otherwise valueless. That way, the CBN, knowing they and the Naira are practically irrelevant in world markets, attempts to make themselves relevant, perhaps to the Nigerian public, by dishing out this propaganda.

I really want to thank nairaland and other social networking sites for giving brilliant nigerians the opportunity to speak freely on national matters without bottle-necks involved. If not for such media I wonder what the useless political class would have turned nigerians into. Also the so called academicians.

Recently, an American citizen paid a fake $100 bill as his tax.
Even in Nigeria, you don't pay tax with cash; it is deducted from your income before salary is paid. Please verify claims so that they at least conform with common sense.

If currency is cloned - identically replicated - then it is no longer a fake is it? The good thing is that the cost of attaining such an authentic replica (especially lower denomination bills) is almost the cost of producing the real thing. That is the reason couterfeiters concentrate on the highest available denomination besides the fact that it amounts to higher monetary value against lower denominations.

madprof:

Recently, an American citizen paid a fake $100 bill as his tax.
Even in Nigeria, you don't pay tax with cash; it is deducted from your income before salary is paid. Please verify claims so that they at least conform with common sense.

Apparently you don't know how things are done in the US so you shouldn't have spoken about this. There's something called 1099 which means you handle your tax payments, and not your employer. This of course mostly applies to self-employed people. And in that case, you can of course pay cash at a tax handler outlet.

There is no currency that cannot be forged these days. With the coming of sophisticated computers, printers and colour separation machines, it is only a matter of time before any document is forged. The good thing is that with the extra features being put on official documents and bank notes all over the world, it is actually easy to detect forged, fake or counterfeit documents. As long as there is a demand for official documents and money for global applications and transactions, there will be a black market of forgers. It is just a fact of life. Cheers.


www.vibes-extra..com

Does the man on the street know these security features? I was handed a fake note at a mallam road-side kiosk. He was of course not aware, and the only reason I knew it was fake was the fact that the ink ran (as a result of contact with water), leading to blotting on the note.

Good to hear, let's keep this up sha

http://lekanbaruwa.

I beg to disagree these claims. CBN is just seeking another avenue to be relevant in the world market

a cloned naira is still a fake because it duplicated the serial number
even if it uses a different serial number it wont be in agreement with CBN numbering system

logica:

Apparently you don't know how things are done in the US so you shouldn't have spoken about this. There's something called 1099 which means you handle your tax payments, and not your employer. This of course mostly applies to self-employed people. And in that case, you can of course pay cash at a tax handler outlet.

I'm afraid but u wrong on this one as well. According to IRS, just like every other federal treasury agencies or other agencies; and for this one if u paying an individual tax liability, you can either pay electronically using electronic payment systems, or using certified check, personal check or money order made payable to " United States Treasury". If am correct as well, banks that accept business tax payments often accept checks and not cash unless you have an account with the bank, then a check is made payable to the IRS directly from your account. Please tell me where u pay cash for your tax payment because I really want to know, never heard of it.

@ Manny4life, thanks for your comment. I guess thats the most educated comment I ever read on NL.
We must actually commend the CBN for coming out with the new line of currencies with the improved security features like the Synthetic 10 and 20 naira notes. Believe me, during my last visit to the US, I had to give out all my synthetic notes as souvenoirs to professional colleagues from different countries cos, funny enough, they have never seen synthetic notes, including colleagues from the US, Jamaica, Norway and China.
We agree with the low value of the naira but good deeds amongst many should be commended.

Only one steeped in the humble occupation of idiocy  will think of counterfeiting the naira.

Good to see logic from many posters in one thread.   

I love the first reply, we should have closed and lock this thread after that reply.

Well done and kudos to everyone who come across as logical and seeing past the filth that was released by CBN.

manny4life:

I'm afraid but u wrong on this one as well. According to IRS, just like every other federal treasury agencies or other agencies; and for this one if u paying an individual tax liability, you can either pay electronically using electronic payment systems, or using certified check, personal check or money order made payable to " United States Treasury". If am correct as well, banks that accept business tax payments often accept checks and not cash unless you have an account with the bank, then a check is made payable to the IRS directly from your account. Please tell me where u pay cash for your tax payment because I really want to know, never heard of it.

Apparently there are charges you incur when you have your taxes (tax returns) prepared by a tax return handling company which could be paid in cash. The whole point is, the assumption that all tax is deducted from source therefore no form of cash payments will be required as far as handling the process is concerned is not correct.

Also check out item 5 on this page:

http://www.ehow.com/how_4829603_irs-tax-payments.html

Visit your local IRS office to pay in cash. Cash is not allowed through the mail and must be given to a worker at the IRS office. You will get a receipt for every payment you make.

This is even the most likely scenario in which the fake currency was used as payment.

[YAAAAAAWWWN] Lole some1 rightly said, why on earth would someone want to counterfeit tissue paper

Babzilla:

[YAAAAAAWWWN] Lole some1 rightly said, why on earth would someone want to counterfeit tissue paper

guy make you no kill person o! 

Vealkyrie:

^^^ Who has got time counterfeiting a valueless paper? Printing fake Naira is not worth the while of master forgers

Well we know say if 9ja na zimbabwe dem for don dey complain say people dey dry to counterfeit the zim$