Buhari says new naira notes will be difficult to counterfeit

How it happened: Pulse reports that the President, in the presence of the Central Bank of Nigeria (CBN) Governors, Godwin Emefiele and a few other government officials unveiled the redesigned naira notes of N200, N500 and N1000 at the Council Chamber of the Presidential Villa Abuja on Wednesday, November 23, 2022.

Shortly after the unveiling, Buhari said in a statement that the newly redesigned notes have been fortified with some security features that will make them difficult to counterfeit.

According to the statement signed by the president's Special Adviser on Media and Publicity, Femi Adesina, Buhari also expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting PLC.

Adesina quoted the President as saying that, even though international best practice requires central banks and national authorities to issue new or redesigned currency notes every five to eight years, Nigeria has failed to do so for the past 20 years.

The statement partly read: ‘‘This implies that the Naira is long overdue to wear a new look.

‘‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving the security of banknotes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’

Buhari explains approval: Explaining why he gave the CBN the nod to redesign the naira, Buhari said there is an urgent need to regulate the amount of currency in circulation as well as addressing the shortage of clean and fit banknotes.

The President also noted that only four out of the 54 African countries print their currencies in their countries, and Nigeria is one of them.

The statement added: ‘‘As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grant the Central Bank of Nigeria the power to issue and redesign the Naira. In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.

‘‘There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes.

“It is on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

“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.’’