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New naira notes have enhanced security features – Experts




Economic experts Mr Idakolo Gbolade and Chief Executive Officer, Economic Associates, Mr Ayo Teriba have disclosed that apart from the change in colour of the redesigned N200, N500 and N1000 naira notes, its security features have been enhanced.

Gbolade, Teriba made this disclosure to PRESSINFORMAT while reacting to newly introduced naira notes by President Muhammadu Buhari on Wednesday.

In a closer look at the new naira notes, PRESSINFORMAT gathered that the N500 shares the same emerald green colour as the now old N200, while the reissued N1000 in blue looks like the Philippines’ 1000 pound. Lastly, the N200 looks like the old N10.

Reacting to the development, Gbolade stated that the Central Bank of Nigeria must have examined the shortcomings of the old denominations and improved the new notes.

He added that the apex bank should upscale its policy to encourage commercial banks’ collection of mutilated, old naira notes.

“Apart from the colour change, the security features are also enhanced. The CBN must have critically examined the old denominations’ shortcomings and improved the new notes.

“The CBN has to improve its mutilated notes policy to encourage banks to return them to the CBN with minimal charges. This will be a major departure from the old system where banks are charged for returning the notes,” he stated.

Meanwhile, Mr Teriba compared the redesigned naira notes to a caricature of the old glory of Nigeria’s currency.

Lamented the continued fall of naira against dollar, he said: “Alhaji Shehu Shagari, who was then the Honourable Minister of Finance, on behalf of whose ministry the Central Bank of Nigeria issued currency notes and coins, introduced Naira notes on 1st January 1973. The CBN is one of the subsidiaries owned 100 per cent by the Federal Ministry of Finance. N1 was equivalent to US$1.50 at the point of introduction in 1973, and N10 Naira, the highest denomination note at the time, was equivalent to US$15. N1000 note, the highest denomination President Muhammadu Buhari is launching today, is equivalent to US$1.50.”

Continuing, he said: “On 1st January 2023, about five weeks from now, we should ideally be commemorating the Golden Jubilee of the introduction of the Naira. But what is happening today to the Naira is a mockery of the naira notes inaugurated 50 years ago. All compatriots must work to restore the old glory of the Naira.”

CBN Governor Godwin Emefiele said the redesign of new naira notes will be done regularly every five to eight years.