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The President, Major General Muhammadu Buhari (retd.),on Wednesday, stated that a change to the naira notes is long overdue as the current tender has been in use for nearly 20 years.
This was because, as he stated, the new notes have distinctive security features that make them hard to counterfeit.
This was said by Buhari shortly before the start of the meeting of the Federal Executive Council this week when he launched the new Naira banknotes in the council chamber of the State House in Abuja.
Femi Adesina, Buhari’s Special Adviser on Media and Publicity, said in a statement that he was happy that the new currencies were made locally by the Nigerian Security Printing and Minting PLC.
The statement is titled “Why I Approved President Buhari’s Redesign of Naira Notes at the Launch of 200, 500, and 1000 Notes.”
Talking at the send off of the new banknotes, the President noticed that global best practice requires national banks and public specialists to give new or overhauled money takes note of each and every five to eight years.
He lamented the fact that the country’s local currency hasn’t been significantly updated in nearly 20 years.
This suggests that the Naira is past due for a facelift.
“Generally, a cycle of redesigning banknotes aims to accomplish specific goals, including but not limited to:reducing the overall cost of currency management, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and improving banknote security, he stated.
“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit,” he added.
The President stated that controlling the amount of currency in circulation is urgently required to justify his approval of the redesign.
It is common knowledge that our national laws, in particular the Central Bank of Nigeria Act of 2007, confer authority on the Central Bank of Nigeria to issue and rebrand the Naira.In accordance with this authority, the Governor of the Central Bank approached me earlier this year to obtain my consent to begin a project to redesign the currency.I took into account all of the information and justifications provided to me by the Central Bank.

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