The Governor of the Central Bank of Nigeria, Godwin Emefiele has revealed that it is “game over” for money counterfeiters as the newly redesigned naira notes, 1000, 500, and 200 cannot be counterfeited by anybody, anywhere in the world.
Emefiele who made this known while addressing pressmen yesterday during the unveiling of the new notes said due to the strict security features on the new notes, its authenticity can be verified under ultraviolet (UV)lights.
“Let me tell you this, these notes cannot be counterfeited because of the security features in them; nobody can counterfeit them,” Emefiele said.
“What you could only find will be people making photocopies of these notes. If you follow due process to check the authenticity of a currency and take them through the UV (ultraviolet) light, you will find that this currency cannot be counterfeited. The best you will find is photocopies.
“What I am trying to say is that to reduce that incidence of counterfeiting or photocopying, that is why we are saying that the CBN must now, without waiting every five to eight years, redesign and reissue these notes.
“So that those who think they can take advantage of the system by counterfeiting will know that the game is over for them.”
Emefiele further explained that the apex bank will also place restrictions on the volume of cash that people can withdraw over the counter in banks.
This, he revealed, is part of efforts to ensure that Nigeria operates a cashless economy.
“The world has moved away from predominantly cash to a cashless economy,” he said.
“And I think Nigeria and the Central Bank of Nigeria are prepared at this time to move towards a cashless economy. And that is the reason why with the reissue of these notes, we will insist that cashless would be nationwide. We will restrict the volume of cash that people can withdraw over the counter.
“If you need to withdraw a large volume of cash, you will fill out uncountable forms. We will take your data, whether it is your BVN, or your NIN so that enforcement agencies like EFCC (Economic and Financial Crimes Commission) or ICPC (Independent Corrupt Practices and Other Related Offences Commission) can follow you and be sure that you are taking that money for good purpose.”
He also debunked insinuations that the naira redesign policy was targeted at anyone, especially the political class.
The CBN governor, however, didn’t close the amount of money that has been mopped up from circulation.
- Tags: CBN, CBN governor, Currency, Emefiele, New naira notes
