FAQ about the New N100 banknote

FREQUENTLY ASKED QUESTIONS ON THE CENTENARY N100 BANKNOTE

1. What is the core mandate of CBN in relation to currency management?
The CBN Act of 2007 charges the Bank with the responsibility for issuance and management of the legal tender currency.

2. What is the role of CBN with respect to Banknotes?
The bank is charged with the responsibility to plan for the printing, issuance and management of the legal tender currency in Nigeria. In addition, global beat practice demands that countries review their currencies every 5-8 years to be ahead of counterfeiters.

3. Why a new N100 banknote at this time?
The Rationale for the introduction of the new N100 commemorative banknote is to celebrate Nigeria's centenary (100 years of existence) 1914- 2014.

4. How durable is the new N100 commemorative banknote?
The redesign of the note is aimed at making it more secure; to enhance its durability to last longer in circulation and to streamline its aesthetic and security features.

5. What will happen to the existing Banknotes in circulation?
The existing N100 banknotes will circulate side by side with the new banknote. Both banknotes are legal tender and acceptable.

6. What features should i check?
When checking your banknote, do not rely on just one security feature, check a few of the ones described here. Feel, tilt and look at the note in your hand closely.

7. What should i do if i suspect a banknote to be fake or counterfeit?
You should refuse to accept it and ask for another. Remember that is a criminal offense to use and pass on a counterfeit note knowingly. If you suspect any note to be counterfeit, report to the police as soon as possible. They will send the note to the Central Bank of Nigeria for analysis.

8. How can a visually impaired person recognize the new banknotes are genuine?
The new N100 banknote has pronounced raised lines (tactile lines) on the left and right edges on the front of the banknote. The denomination numerals on the top left and bottom corners of the banknote are more embossed to assist the visually impaired.

9. Is there a Jewish symbol (Star of David) on the new N100  banknote?
No. The Jewish symbol  (Star of David) is two triangles and is not on the new N100 banknote. However, there are two squares and a manilla.

10. How can i get the new N100 commemorative banknote?
You can get it in your bank effective from the date of issuance.

11. How can I use the QR-Code to check if the new N100 commemorative banknote is genuine?
Download a QR-Code  scanner with an internet enabled phone or handheld device. Use the device to scan the barcode on the new N100 banknote and a brief history of Nigeria's journey from 1914 to date will appear.

12. Are the security features on the new commemorative N100 Banknotes too many?
No, the security features are meant to secure the banknote and deter counterfeiters.

13. Why remove the Ajami script and Zuma Rock on the New N100 commemorative banknote?
When reviewing or restructuring a banknote, aesthetics such as symbols and features are often changed to stay ahead of counterfeiters.

Management.

The new N100 Banknote

CENTRAL BANK OF NIGERIA
Features to look for on the New N100  Commemorative Centenary Banknote

The President, Dr. Goodluck Ebele Jonathan GCFR unveiled the N100 centenary commemorative banknote on 12th November, 2014.Find below the basic look, feel and tilt security features for easy identification of a geniune note.

Kindly follow these simple steps to make sure your banknotes are genuine. Remember, do not rely on just one feature, check a few;

1. Check the paper and raised embossed print: By running your fingers across the front of the new note, you will feel  the raised prints in areas as "Central Bank of Nigeria", the image of Chief Obafemi Awolowo and the N100 numeral on the top left and bottom corners.

2. Check the Motion thread: This security thread is embedded on the bank note. It appears as green dashes in the front of the new note with "100" and Nigerian flag moving when tilted.

3. Check the water mark: Hold the note up to the light woth the front of the note facing you. In the clear area on the right, you will see an image of Chief Obafemi Awolowo's portrait together with a 100 numeral. Any banknote that does not contain a watermark is not genuine.

4. Check the QR (Quick Response) Code: Digitalized barcode that tells the centenary story when scanned with an internet enabled mobile device or an ipad. It is located at the back of the note.

5. Check the Serial Number: A unique 7 digit novel serial numbering, consisting of letters and numbers printed on the front side of the new note. The horizontal number is conical, that is, it grows in height from left to right.

6. Check the Optical Variable Magnetic Ink (OVMI Spark): A rolling bar that changes colour from green to purple when tilted. This feature is superimposed on two squares with a manila, which are strategically placed at the front of the banknote.

7. Check the See through feature: located on the front of the note (ledt corner), effect is produced on coconut.

8. Tactile marks for the visually impaired: Pronounced raised lines on the left and right corner on the front of the banknotes.


Management
January 2015.