The International Institute for Science, Technology and Education (IISTE)
Abstract
Only secured and conducive environment void of robbery, kidnapping, fake currency and all forms of insurgencies will foster production and distribution of goods, investment and saving that enhance national economic growth and development. This is a mirage in a country generally believed and tagged the giant of African; Nigeria. Crime, in whatever name or nomenclature, has a significant negative impact on the welfare and economy prosperities of our society. The urge to get rich promotes Crime like armed robbery, kidnapping for ransom and production of counterfeit banknotes to mention but a few. Innocent people have suffered psychological distress, fear, anger, depression, physical harm, financial loss and in most cases untimely death during the operations by these hoodlums. Banks, Cash-In-Transit Vehicle, and ATM points are often robbed by gangs in search for paper currency. Kidnappers as well demand for paper currency as ransom while some other gangs are involved in the production of counterfeit banknotes so as to enrich themselves no minding the negative effect on the nation’s economy. The banknotes collected during the operations by the hoodlums are taken to banks. Yet, the banks will not detect or recognize any of these notes which attest to the fact that our system lacks check and balance. The system is very porous without a recourse to this era of technology when machine is trained to do virtually everything for our convenience. Currency as an entity has a unique identification number. The identification number is an alphanumeric currency issuance of about 10 digits comprises two (2) capital letters and eight (8) numbers usually positioned at a strategic location on either front or back of the 5, 10, 20, 50, 100, 200, 500 and 1000 naira notes. It is a reliable and intelligent system developed to track banknotes unique identifiers numbers- serial numbers, in order to control financial related crimes. Keywords: Nigeria Paper Currency Serial Number, Pattern Recognition DOI: 10.7176/IKM/11-3-04 Publication date: April 30th 202
