BusinessDay

Quick facts about the new naira notes you should know

...Security features, colour, photographs

President Muhammadu Buhari on Wednesday in Abuja launched the new Naira banknotes, at the Presidential Villa, Abuja in Abuja.

The newly redesigned notes retained basically all its features except for the rebranding of their colours and additions of new security features to make it “ impossible to be counterfeited” , according to the Central Bank of Nigeria Governor, Godwin Emefiele.

The launch of the new banknotes of N200, ₦‎500 and ₦‎1000 denominations by President Muhammadu Buhari, had preceded the meeting of Federal Executive Council (FEC)

Central Bank of Nigeria Governor, Godwin Emefiele, speaking on the features if the new notes, stated that the “notes have been designed to make sure that the new naira notes cannot be counterfeited because of the features in them”

The new notes retained almost all the old features except for new security features and their colours.

The new N1000 note has blue colour, while the new N500 comes in green colour, even as the N200 has the old N500 red colour.

All the notes retained their original photographs of past leaders who distinguished themselves on the national political and socioeconomic landscape.

Emefiele who declared that it is regrettable that the Naira has not been redesigned for the past 19 years, blamed “lack of political will from previous administrations”.

Read also: Money supply hits N50.58trn all-time high amid naira redesign plans

“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.

President Muhammadu Buhari, while unveiling the new notes, reiterated that it is the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.

According to the President, ‘‘the new naira banknotes have been fortified with security features that make them difficult to counterfeit.’’
He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.
President Buhari commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative, while also thanking the Managing Director, Executive Directors and Staff of the Nigerian Security Printing and Minting 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.”

Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years, the president noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.

‘‘This implies that the naira is long overdue to wear a new look.
‘‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

‘‘As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grants the Central Bank of Nigeria the power to issue and redesign the Naira.

‘‘In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.

‘‘There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

‘‘While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC,’’ he said.

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