President Muhammadu Buhari today in Abuja launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC. Speaking at the launch, ahead of the Federal Executive Council (FEC) Meeting, President explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 and ₦1000 banknotes.

According to the President, “the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.” He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

President Buhari commended the CBN Governor and his Deputies for the initiative, while also thanking the MD, EDs and Staff of NSPM Plc “for working tirelessly with the apex bank to make the currency redesign a reality, & for printing the new Naira notes within a comparatively short time."

Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years, the President noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.

“Banknote redesign is generally aimed at achieving specific objectives, incl. but not limited to: improving security of banknotes, mitigating counterfeiting,preserving collective national heritage, controlling currency in circulation & reducing overall cost of currency management. As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grants 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. While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.”

“ 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. ”

https://twitter.com/NGRPresident/status/1595416274443673606?t=POOidh4HjU5eLMhO724QWA&s=19

Hmm

May Buhari never happen to Nigeria again. Amen

A man with no sense of responsibility at all. The worst thing that has ever happened to Nigeria.