BDC operators raises alarm over fake Dollar in circulation

February 25, 2019
217 Views

The Association of Bureaux De Change Operators of Nigeria (ABCON), has alerted the public over the circulation of fake $100 notes allegedly imported from India.

ABCON President, Dr. 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, rather 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.

He said the issue of fake dollar in circulation has been observed and reported to the relevant security agencies, adding that the ABCON, has in the interest of the economy and businesses of the currency dealers, secured the backing of the Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) to begin nationwide campaign against fake currencies.

Noting that rising cases of fake currencies in circulation has led to huge losses to BDC operators and the economy, he said 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.

Already, ABCON 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,” he said.

Continuing, Gwadabe explained that the raised printing feels rough on right shoulder of Benjamin Franklin portrait, while the colour shifting ink works under ultra violet light.

He added 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.

You may be interested

Roma, Napoli Linked With Atletico Madrid Nigerian Striker
Sports
Sports

Roma, Napoli Linked With Atletico Madrid Nigerian Striker

Webby - June 11, 2024

Roma have reportedly made Spanish-born Atletico Madrid Nigerian Striker, Samuel Omorodion, their top target to replace Romelu Lukaku.With Lukaku set…

2026 WCQ: Ghana Drop To Second After Comoros Beat Chad Away To Go Top
News
3 views
News
3 views

2026 WCQ: Ghana Drop To Second After Comoros Beat Chad Away To Go Top

Webby - June 11, 2024

Comoros has leapfrogged Ghana to take the top spot in Group I of the African qualifiers for the 2026 FIFA…

Diaz: I’ve No Plans To Leave Liverpool
Sports
Sports

Diaz: I’ve No Plans To Leave Liverpool

Webby - June 11, 2024

Liverpool winger, Luis Diaz has revealed that he has no plans to leave the club this summer.Recall that the Colombia…

Leave a Comment

Your email address will not be published.