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.
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