The Central Bank of Nigeria, CBN, has unveiled the new naira notes printed in denominations of N200, N500 and N1,000.
The new notes were redesigned locally by the Nigerian Security Printing and Minting (NSPM) Plc using high-tech.
The Governor of the Central Bank of Nigeria, Godwin Emefiele unveiled the new naira notes during the Federal Executive Council (FEC) meeting on Wednesday, 22 November 2022, in Abuja. Emefiele revealed that the CBN has fortified the new banknotes with security features that make them difficult to counterfeit
! He added that the new banknotes would help CBN design and implement better monetary policy objectives and enrich the collective memory of Nigeria’s heritage. . He also thanked NSPM PLC’s Managing Director, Executive Directors, and employees for working tirelessly with the apex bank to make the currency redesign a reality and quickly printing the new Naira notes.
President Muhammadu Buhari speaking of the new notes said: “A cycle of banknote redesign is often intended to achieve certain goals, including, but not limited to, enhancing banknote security. “It also aims to reduce counterfeiting, preserve collective national heritage, control currency in circulation, and lower overall currency management costs. “As is well known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grant the CBN the power to issue and redesign the Naira.
Buhari, therefore, expressed confidence that the new notes would address the urgent need to take control of currency in circulation adding that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation.
According to the president the redesigned notes would also address the increase in counterfeiting of high-denomination Naira banknotes
“While this may not be apparent to many Nigerians, only four 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,” Buhari said.