What Makes New Naira Notes Unveiled by Buhari Different from Old Ones? President Reveals
- Many Nigerians are wondering what the major differences between the old and the new naira notes unveiled by President Buhari on Wednesday, November 23, are
- Some, upon citing the photos of the naira notes, concluded that the only noticeable difference is the colour change
- However, President Buhari has highlighted two major differences; the new naira notes were fortified with security features and were produced in Nigeria
State House, Abuja - President Muhammadu Buhari, on Wednesday, November 23, unveiled new naira notes, which the Godwin Emefiele-led Central Bank of Nigeria (CBN) redesigned.
At the unveiling, the Nigerian leader said the naira notes were long overdue for a change as the current tender has been in circulation for nearly 20 years.
Source: Twitter
Those redesigned are ₦200, ₦500, and ₦1000 banknotes.
However, many Nigerians appear not to be convinced about the new design as some claimed that the major change noticed in the notes were just the colours.
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"If it’s Naira colour, the CBN should have just engage Snapchat," Shehu Sani, a former lawmaker, said sarcastically in a tweet sighted by Legit.ng.
However, President Buhari has pointed out two things unique about the new naira notes.
1. Security features
Nigerians may just be seeing the mere colour change, but the new naira notes have something more important.
According to President Buhari, the newly redesigned notes have unique security features that make them difficult to counterfeit.
He said “the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’
2. New naira notes were locally produced
Unlike before when naira notes were printed outside the country, the new notes were printed in Nigeria.
They were produced by the Nigerian Security Printing and Minting PLC.
President Buhari said while it 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.
“That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC,’’ the president said in a statement signed by his spokesman Femi Adesina,
CBN begins distribution of new naira notes, lists penalties for abuse
Meanwhile, the Central Bank of Nigeria (CBN) has begun distributing new naira notes to its branches around the country.
The new currency will be delivered by the CBN to business branches across the country, according to the Director of Currency Operations, Bello Umar, who made the announcement in Abuja.
The new notes are expected to be in circulation on December 15, 2022, and will circulate side-by-side with the old notes until January 31, 2023, when the latter would cease to be legal tender.
Source: Legit.ng
