President Muhammadu Buhari today gave five reasons why he approved redesign of Naira notes as he launched the new notes.

The redesign, he said, improves security, mitigates counterfeiting, preserves national heritage, controls currency in circulation, and reduces currency management costs.

He launched the new notes before chairing the meeting of the Federal Executive Council in Abuja today, 23 November 2022.

“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit,” he said.

Buhari pointed out that the law establishing the Central Bank of Nigeria (CBN) gives the agency power to redesign and issue Naira notes.

‘‘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.

Notes locally printed

The new currency notes

President Buhari disclosed that the currencies were locally printed by the government-owned Nigerian Printing and Minting (NSPM) Plc.

He expressed delight that Nigeria is only one of four African countries that print their currency locally.

“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,” he said.

President Buhari praised CBN and NSPM for producing the new ₦‎200, ₦‎500 and ₦‎1000 banknotes “within a comparatively short time.”

CBN lists other benefits

CBN Governor Godwin Emefiele said the new notes will control inflation, “make policies more effective, ensure financial inclusion and fight corruption.”

He also said the redesign should occur every five years but Nigeria waited for 19 years before now.

The wait, he said, posed “spiraling challenges on the economy, especially on security and counterfeiting.”

Emefiele also disclosed that President Buhari insisted that the notes be designed and produced within the country.

In addition to its enhanced security features, the CBN chief said the new notes are more durable, attractive and promotes Nigeria’s rich cultural heritage.

Mr. Emefiele announced the decision to change the design of Nigeria’s national currency, the Naira, on 26 October.

Updated to include that the notes were printed locally by the Nigerian Security Printing and Minting Plc.

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