Naira is a currency used in Nigeria, the Naira notes are printed by Nigeria Security Printing and Mining but sometimes other companies overseas, then it is issued by the Central Bank of Nigeria (CBN). In the CBN, there is an office called the Mint Inspectorate they are in charge of the control and receipt of finished Naira banknotes.
Fraudsters are now creating and using fake Naira notes as payment methods. And these fake notes are called counterfeits, they have cost merchants a lot of money as they bear the entire loss. Counterfeit is a serious matter and everyone should be careful. And note that counterfeits are not only printed in large denomination like N1000, they are also printed in lower denominations like N100, N200, etc.
As counterfeit techniques are improving, ways to detects the counterfeits are also improving. So keep reading on cos in this article, I will tell you how to detect fake Naira notes.
Reasons Why People Fall For Financial Scams.
Here are some reasons why most people fall for financial scam.
- Trying to make money with working: I know everyone would like to make money with moving a muscle, but making money takes effort. And fraudster often attack victims that are willing to make money without moving a muscle.
- Trying to double your money without knowing the source of the revenue: For you to make money, you must work, and there is no way you can put a particular amount of money and hope to make a very huge amount of money bigger than the one you put in.
How To Protect Yourself From Financial Scam.
Here are some things you can do to protect yourself from financial scam.
- Don’t give out your transaction details to anyone.
- Don’t respond to calls, emails, etc from fraudsters claiming to be your bank representative.
- Don’t invest your money in suspicious investment schemes.
- Don’t leave your card details with suspicious people.
Pause!! See Also:
History Of The Nigerian Naira.
How To Protect Your Verve Card Details.
How To Get A Zenith Bank Virtual Card.
How To Open An eNaira Account.
What To Do With Your Old Naira Notes.
Nigeria’s Military Capabilities VS Niger’s.
Continue…
Means Of Exchange In Nigeria Before The Naira.
The following are the means of exchange during the pre-colonial era, before the Naira was invented.
- Beads.
- Bottles.
- Manilas.
- Cowries.
- Salt, etc.
How To Know A Fake Naira Note.
Here are ways to detect a fake Naira note.
- Use Mercury Bulb: The Naira note has some feature that you can’t see with your ordinary eyes, these features are only seen on real Naira notes. And with the use of mercury bulb, you can spot the difference between the real and the fakes ones.
- Check The Texture: The real Naira notes are made of a special kind of paper, while the fake ones are made of ordinary paper. So to know a fake Naira note, check the texture of the note.
- Use Water Or Liquid: To know if it is fake, dip it into water or petrol and gently scrub with your thumb. Then the colour on the fake one will wash off easily. But the real Naira notes are water-resistant, so the colour will not wash off.
- Check The Ribbon: The real notes have a silver ribbon from the top to the bottom of the Naira note, and you can feel the thread and the threads are visible. But the fake ones, the threads are painted. Try scratching the ribbon and it will come off easily.
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