The Central Bank of Nigeria (CBN) has reacted to the expressed dissatisfaction of Nigerians on the color of the redesigned new naira notes.
Speaking through the director for currency operations, CBN, Ahmed Umar, the CBN explained the reason for the “simplicity” of the naira redesign.
Ahmed Umar, who was represented by CBN head, policy development division, currency operation dept Aminu Halidu-Giwa who spoke at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt on Tuesday.
Reacting to questions from journalists concerning the new naira notes unveiled by President Muhammadu Buhari last week, Umar said the apex bank had limited time to tackle the problem of counterfeiting currency hoarding, among others.
“We want to solve a problem and we have limited time to do that,” Umar said.
“Redesigning is about change of color or size. The ink itself is a security feature.”
Umar said that the redesign of the notes were long overdue, adding that the N1000 notes had been in existence for 17 years, N500 for 21 years and N200 for 22 years.
The CBN director said that contrary to rumors that the apex bank would print other denominations apart from the redesigned N1000, N500 and N200, no other denomination would be printed.
He said the naira redesign would encourage many unbanked Nigerians to be included in the financial system.
According to him, it will discourage excessive cash carrying and encourage other electronic transactions.
He said that when the unbanked population is fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.
“Naira redesign will also help in reducing cash management expenditures, give visibility and control and would help the bank to know the volume of money in circulation,” Umar said.
”It will also help in fighting counterfeiting and money laundering.”
