New naira notes will be difficult to counterfeit – Buhari
President Muhammadu Buhari on Wednesday launched the new Naira banknotes with features that make them difficult to counterfeit, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.
Speaking at the launch of the new banknotes, a ceremony that preceded the Federal Executive Council (FEC) meeting in the State House, Abuja, the President explained 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 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.”