UK Releases New Banknotes Featuring Portrait of King Charles III as Naira Appreciates Against the Pounds
- The Bank of England has released images of new banknotes featuring the portrait of King Charles III
- The bank notes with the portrait of the King include 5, 10, 20 and 50 pounds
- The development comes four months after Queen Elizabeth died on September 2022 after 79 years on the throne
PAY ATTENTION: How media literate are you? Click to take a quiz – bust fake news with Legit.ng!
Barely four months after the death of Queen Elizabeth II, the Bank of England released images of the first banknotes to feature the portrait of King Charles III on Tuesday, December 20, 2022.
The new notes will begin circulation in the middle of 2024.
Source: Getty Images
Security features of new banknotes
The notes featuring the King’s images are 5,10,20, and 50 polymer pound notes with a see-through security panel. The notes remain unchanged from the ones already in circulation, CNBC reports.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
The Governor of the Bank of England, Andrew Bailey, said it is a significant moment as the King is only the second monarch to feature on the UK’s banknotes.
The tradition of featuring monarchs on banknotes began in 1960. Coins have always featured in images of monarchs
The Royal Mint issued the first coins having the King’s portrait on December 8 2022.
King Charles became King in September following the death of his mother, Queen Elizabeth. She died after 70 years on the British throne.
Naira gains against the dollar
The coins and notes with the late queen’ portrait will continue to be legal tender in the UK.
Meanwhile, the naira has appreciated against the British Pound, exchanging for N540 to the pound.
The development comes after months of hitting over N800 per pound.
The naira has gained marginally against the US dollar in the last few days.
King Charles III and the Royal Family's new net worth after Queen Elizabeth II's death
Legit.ng reported that Queen Elizabeth died and left more than $500 million in personal fortune to her son, King Charles II, and the rest of the royal family.
Before Charles became the new monarch, his net worth was around $440 million, an estimate by the research institute Wealth X says.
Fortune reports that King Charles III's Wealth will now be inherited by his son, Prince William. Charles has made hundreds of millions of pounds since he was 21 years and in the 2021-2022 financial year, he got 23 million pounds in surplus payments, an annual account by Duchy says.
Source: Legit.ng
