- Bureau De Change Operators Raise Alarm Over Fake $100 Bills
The Association of Bureaux De Change Operators of Nigeria (ABCON) raised alarm over rising fake $100 bills in the country.
Dr. Aminu Gwadabe, the president of ABCON, who disclosed this to journalists at the group’s National Executive Council (NEC) meetings in Lagos last week, said the fake $100s were imported from India because of the huge profit margins that come with it.
He said the aim of some of the fraudsters is not only to make a profit but undermine Nigeria’s chances for automatic membership of the Financial Action Task Force (FATF) after evaluation of the nation’s financial system scheduled for the first quarter of this year.
He noted that the fake currency notes have led to huge losses to BDC operators and the economy.
He, however, said the situation has been reported to the Central Bank of Nigeria and Economic and Financial Crimes Commission (EFCC) to begin a nationwide campaign against fake notes.
“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.
The association has already released a guide on how to identify 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,” he said.
Continuing, Gwadabe explained that the printing feels rough on right shoulder of Benjamin Franklin portrait, while the colour shifting ink works under ultra violet light.