By Chinwendu Obienyi
Amidst concerns of counterfeiting, the Central Bank of Nigeria (CBN) on Wednesday, released details and position of the security features in the new Naira notes.
There had been concerns from Nigerians after the Deposit Money Banks (DMBs) started circulating the notes last week.
Many respondents who spoke to Daily Sun said they were afraid of being victims of counterfeits as a viral video raised the alarm over the presence of a counterfeited N1,000 new Naira note.
However, the CBN in a statement obtained from its website noted that to recognise the N1,000 notes, users should look out for intaglio raised print, portrait watermark, officially variable ink that changes from blue to green with change in angle of view, kinegram with the image of N1,000 and Coat of Arms, iridescent band, windowed metallic security thread and see through printing in register.
Describing the security features on N500 note, the CBN said that the note includes a hand-engraved portrait, windowed metallic security thread with CBN inscription, CBN 500 watermark, portrait watermark, officially variable ink that changes from blue to green with change in angle of view, silver patch with embossed Coat of Arms, see through printing in register and raised intaglio print.
“Also, the N200 has several security features including hand-engraved portrait, windowed metallic security thread with CBN inscription, CBN 200 watermark, portrait watermark, officially variable ink that changes from blue to green with change in angle of view, gold patch with embossed Coat of Arms, see through printing in register and raised intaglio print.
Aside, these criteria, there are also other five simple guidelines on a Naira note that will help holders of the currency to differentiate a counterfeit Naira from a genuine one.
The first step to identifying a genuine banknote from the counterfeit is to check the texture”, It said.
Findings showed that a soft texture and dull image are indicators of a fake naira. That means one should be sensitive to the touch of the banknote when carrying out a transaction. There is also need to observe the gold foil on the right side, close to the CBN governor’s signature. One can also differentiate the genuine naira note from counterfeit by applying liquid to the note, and a fake currency can easily change colour.
Also, the ribbon-like thread on all Naira notes can also be observed and touched to confirm if the note is genuine or otherwise. One can also raise a naira notes on a mercury bulb. This exercise enables the one to see many features of the local currency, not visible to the naked eyes, among others.
…Widens cash withdrawal limit to N5m
•Introduces charges, Warns banks against flouting rules
From Uche Usim, Abuja
Following protests from various quarters over its new cash withdrawal limit policy, the Central Bank of Nigeria (CBN) on Wednesday increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The earlier limit for over-the-counter weekly cash withdrawal for individuals was N100,000 and N500,000 for corporate entities.
The apex bank warned banks and other financial institutions to live above board as anyone caught aiding and abetting the circumvention of the policy will be severely sanctioned. The increase was contained in a letter signed by Haruna Mustafa, CBN’s Director of Banking Supervision and addressed to Deposit Money Banks DMBS and other financial institutions, Payment Service Banks PSBs Primary Mortgage Banks (PMBs) Microfinance Banks MFBs Mobile Money Operators MMOs and Agents. Under the new rule, anyone or organisation that has a compelling need to withdraw above the approved limits to transact legitimate businesses will pay a processing fee of 3% and 5% for individuals and corporate organizations, respectively.
Aside that, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number (BVN) of the payee; Tax Identification Number (TIN) of both the payee and the payer; Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
More so, third party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsist. The letter added: “Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision, Other Financial Institutions Supervision and Payments System Management Departments as applicable.
“Compliance with extant AML/CFT regulations relating to KYC, on-going customer due diligence, currency and suspicious transaction reporting etc. is mandatory in all circumstances.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaua, etc.) to conduct their banking transactions.
“Bank and Mobile Money Agents are important participants in the financial system, enabling access to financial services in underserved and rural Communities. They will continue to perform these strategic functions, in line with e@uusting regulations governing their activities. The CBN recognizes the vital role that cash plays in supporting underserved and rural
communities and will ensure an inclusive approach as it implements the transition to a more cashless society.
“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023”, it explained.
The cash withdrawal limit policy has pitched the apex bank against various sectors of the economy, including the national assembly, who insisted the CBN must rescind the move.
It said the increased withdrawal limit was as a result of the feedback it got from relevant stakeholders.