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Major Reasons Why We Redesigned Naira Notes -CBN

The Central Bank Of Nigeria (CBN) has explained why it decided to redesign some naira notes. It said the decision was taken because of the huge volume of counterfeit notes in circulation. The apex bank also said that it initiated the move to save the economy from sinking when it realised 85 percent of notes […]

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The Central Bank Of Nigeria (CBN) has explained why it decided to redesign some naira notes.

naira notes

It said the decision was taken because of the huge volume of counterfeit notes in circulation.

The apex bank also said that it initiated the move to save the economy from sinking when it realised 85 percent of notes are outside the banking system.

While decrying the hoarding of notes by Nigerians, the bank said the act fuels the black market/underground economy like terrorism, money laundering and counterfeiting, thereby increasing cash management expenditure (cost of printing new notes)

Speaking during the 2022 workshop for finance correspondents in Nigeria in Port Harcourt, with the theme: boosting depositors’ confidence amidst emerging issues and challenges in the banking industry, the Director of Currency Operations in the CBN, Ahmed Umar, stated the government did not repaint the banknotes but redesigned them to curb counterfeiting and other security challenges.

READ ALSO: Buhari  CBN Governor Should Be Sent To Prison, Nigerians React To Redesigned Naira Notes

Stating that the new denominations of notes are laced with security features to ward-off counterfeiters, Umar, who was represented by Amina Giwa, said: “We redesigned, not repainted the banknotes. In redesigning you can change colour or reduce the size. The ink is a newer technology with security features. The main purpose for redesigning was to solve a problem, and we had limited time to solve that problem or we would sink. We don’t care about aesthetics.

READ ALSO: No Be Only CBN Sabi Do Colouring, Actress Nkechi Blessing Mocks New Naira Notes In New Picture

“Only Nigeria Security does the printing. We print in Nigeria – Lagos and Abuja. We don’t print outside the country. We fly notes by air and other means to states, which has huge logistical implications.”

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Photo Credit: Getty