There are already fake versions of the new Naira currency notes and the Central Bank of Nigeria, CBN, has released details to help you identify them.
Called security features, these lets you identify the original and tell them apart from the fakes. Here is how to identify them:
The important details to note is that the NGN200 and NGN500 bear their windowed metallic security thread on the front while the NGN1,000 has its own on the back. Also, only the NGN1,000 note has the inverted triangle on its front which has an optically variable ink that changes colour from blue to green. The NGN200 and NGN500 new notes have frontal variable ink in the bottom right inscription.
For now, there are no other practical details to identify these new notes. For example, it will be useful to see how they differ from the old currencies like texture, size, and more. Likely, we will have more details when the new Naira notes become more widespread.
Remember that the old notes will no longer be acceptable by the end of January, 2023. However, with the current level of circulation, it is likely that the deadline would be moved to a later day.
In related news, the CBN is increasing the daily withdrawal limits for individuals from NGN100,000 and NGN500,000, respectively, to N500,000 and N5 million, respectively. It also stated that withdrawals above the limit would still require to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.
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