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Dispense fake money over counter or ATM and pay N1m, CBN warn Banks

Dispense fake money over counter or ATM and pay N1m, CBN warn Banks

The Central Bank of Nigeria (CBN) has warned that Deposit Money Banks (DMBs) caught dispensing counterfeit Naira notes through the Automated Teller Machine (ATM) or over the counter teller points will pay a fine of N1 million Naira.
CBN’s Director currency operations, Mrs Priscilla Eleje sounded the note of warning on Tuesday during the unveiling of the CBN Clean Notes Policy & Banknote Fitness Guidelines in Lagos.
Why many have written on indicators to detected fake currency, it still beat the imagination of many, how this money still finds its way into various banks. Some checks are: If the texture of the money is soft, so soft that it gives you a concern, and the image in it looks dull, you can reject it and ask for another Naira note from whoever gives it to you.
Another is, if you have doubt about a note, immerse it in water or petrol and scrub it gently. If it’s a fake money, its colors will wash off like an artwork painted with watercolor. Again, once you immerse it in water, the paper becomes messed. it will get rough and look more like a paper Mache. However, the real note won’t look like this when immersed in water or any liquid.
The N1000 also has a gold foil on the right side, just beside the CBN governor’s signature. If you scratch the gold foil of a fake note it will peel off while that of original note doesn’t peel. Some features of the paper Naira notes cannot be seen with naked eyes. These features are only in original Naira notes, and one cannot see them except with the help of mercury bulbs.
For instance, if a real N1000 note is placed under the rays from a mercury bulb, it’ll show a glowing 1000 (in numbers) written across the note. The same applies to smaller denominations.
Why further sanctions on bank who cross the line in dispensing fake currencies either through the counters or ATM has not been made clear, all users are advice to keep their eyes open and always be on the lookout.

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