… Gives reasons for the redesign
Nigeria’s President Muhammadu Buhari has unveiled the newly redesigned Naira Notes at the State House, Abuja.
The president expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.
Speaking at the unveiling of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja, Buhari explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 and ₦1000 banknotes.
According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage.
Buhari commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative.
He equally thanked the Managing Director, Executive Directors and staffers of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”
According to him, international best practice requires central banks and national authorities to issue new or redesigned currency notes every five to eight years.
The redesigned banknotes
Buhari said that it was now almost 20 years since the last major redesign of the country’s local currency was done.
The president said that implied that the Naira was long overdue to wear a new look.
‘Buhari said: ‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes. Vanguard
