Buhari stated that the new banknotes would help the CBN design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.
New Naira Notes Fortified, Difficult To Counterfeit, Says Nigerian President Buhari at Unveiling of Redesigned Currency Notes
Nigerian President Muhammadu Buhari has launched the country’s new Naira banknotes with features that make them difficult to counterfeit, adding that he approved the redesigned currencies in order to address hoarding of the banknotes outside the banking system, shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination banknotes.
Speaking on Wednesday at the launch of the new banknotes, a ceremony that preceded the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja, the President expressed delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.
Buhari, who explained the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500, and ₦1000 banknotes, said: “The new Naira banknotes have been fortified with security features that make them difficult to counterfeit.”