The Central Bank of Nigeria (CBN) has updated the Nigerian naira banknotes, and in accordance with a circular that it released, the following are some of the security features that may be found on the new naira notes:
The Nigerian Central Bank has strengthened its ability to combat the practice of counterfeiting by disclosing specifics regarding the security features that have been incorporated into the recently redesigned Naira banknotes. These statistics are now available to the public.
On December 15, 2022, the newly redesigned Naira notes were introduced as a valid form of payment. On the other hand, ever since it started being circulated, there have been merchants who have refused to accept these notes from clients, claiming concerns such as forgery.
It is important to keep in mind that one of the reasons the Central Bank of Nigeria (CBN) decided to redesign the Naira was because of the “growing ease and risk of counterfeiting” of the money. During the announcement of the redesign, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stated that “in fact, recent developments in photography technology and advancements in printing technologies have made it relatively easier to counterfeit.”
The bank has disclosed the specifics of the security mechanisms on the new notes, as well as their locations, in an effort to further bolster its efforts to ensure that counterfeits are not being circulated in the economy.
In accordance with a circular issued by the CBN, the following are some of the security measures that may be found on the newly redesigned Naira notes:
Intaglio: This is the process by which the picture on the naira note is etched into a surface, and the incised line or sunken area serves as the reservoir for the ink.
Portrait watermark: A watermark is a logo, text, or signature that is put on top of a photo. Most watermarks are clear, so people who look at the image can still enjoy it. The watermark on the new naira notes is a face, as shown in the pictures.
Optically Viable Ink (OVI): When you look at OVI security ink from an angle, the light bounces off of it. The light makes the ink look different than it does when you look at it straight on. When viewed straight on, OVI is often clear, but when viewed from an angle, it changes color. For example, when the angle of view changes, the OVI on the new naira notes goes from blue to green.
Kinegram: This is one of the simplest ways to spot a fake bill. It has good features for identifying and protecting the new naira notes. The Nigerian Coat of Arms from the first new 1000 note is used to make the Kinegram.
Iridescent band: When looked at from different angles, a symbol at the top of the new 1000 note changes.
Engraved portrait: The picture of Nnamdi Azikiwe on the new ₦500 note is being carved into a surface. The portrait is painted or sketched on the right side to enable you to identify the original.
Pictorial representation of the security features on the new Naira notes