Fake minted $100 smuggled from India flood Nigeria—ABCON warns
The leadership of Association of Bureaux De Change Operators of Nigeria (ABCON) has warned Nigerians dealing in businesses that involve use of United States dollars considering the prevalence of fake 100 USD.
The group said there are many fake $100 notes circulating across the money markets allegedly imported from India into the country.
President of ABCON, Dr. Aminu Gwadabe, who spoke to media executives shortly after their National Executive Council (NEC) Meeting in Lagos, said the $100 bill is majorly counterfeited because of huge profit margins that come with it and its popularity amongst other denominations of USDs.
According to him, apart from making sharp income, the perpetrators major target is to undermine Nigeria’s chances for automatic membership of the Financial Action Task Force (FATF) after assessment of the country’s financial system scheduled for the first quarter of 2019.
Gwadabe added that ABCON has secured approval from the Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) to begin nationwide education against fake currencies.
He said due to rising losses so far suffered by its members, “ABCON would educate the public on how to identify fake dollar bills to protect the image of the country”.
“It is part of our objectives, which in enshrined in our constitution as an association, to eliminate the incidences of fake currencies circulation, thereby enhancing the image of the country and transparency in our operations,” he said.
“ABCON has released a guide to all BDCs on how to detect a fake dollar bills, made up of seven notes- $1, $2, $5, $10, $20, $50 and $100 and the seven steps to authenticate them.
“The weight of each bill is one gram, 2.61 inches wide and 6.14 inches length. It is 75 per cent cotton and 25 per cent linen. Your finger can feel thickness and texture. Besides, the portrait watermark is partly overlapped by the Treasury seal, while the $100 bill is printed on the right side of the bill.
“The strip is thin, faint and runs vertically from top to bottom to the left of the watermark portrait. Also, the 3D security ribbon, also called the thread, is bright blue and vertical on the bill,” ABCON boss noted.
According to him, the raised printing feels rough on right shoulder of Benjamin Franklin portrait, while the colour shifting ink works under ultra violet light.
While explaining that “The dollar bill undergoes micro printing, which is the production of recognizable patterns or characters in the bill at a scale that requires magnification to read with the naked eye. To the unaided eye, the text may appear as a solid line”.
Gwadabe also revealed that $100 bill commonly exhibits the highest quality (smallest size) of microprint because it demands the highest level of counterfeiting deterrence.
