The Association of Bureaux De Change Operators of Nigeria (ABCON), yesterday, alerted the public over ongoing security investigation on $100 bills being imported from India into Nigeria.
The ABCON President, Alhaji Aminu Gwadabe, who disclosed the development to financial journalists after the group’s National Executive Council (NEC) meeting in Lagos, said the $100 bill is majorly counterfeited because of huge profit margins that come with it.
He said some of the fraudsters’ objective is not only to make profit, but 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 this year.
The ABCON boss said the issue of fake dollar in circulation has been observed and reported at the relevant security agencies adding that the ABCON, has, in the interest of the economy and Bureaux De Change (BDCs) businesses, secured Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC’s) backing to begin nationwide campaign against fake currencies in the country.
He said rising cases of fake currencies in circulation have led to huge losses to BDC operators and the economy.
Gwadabe said that ABCON, is educating the public on how to identify fake dollar bills in order to protect the image of the country in the eyes of foreign investors.
“It is part of our objectives which are 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.
Gwadabe said the ABCON NEC has therefore released a guide to all BDCs on how to detect a fake dollar bill. He disclosed that there are seven dollar bills of $1, $2, $5, $10, $20, $50 and $100 and seven steps to authenticating 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.
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