Skip to main content

Nigerians, Behold Your New Redesigned Naira Notes

Today, Wednesday morning, the N200, N500 and N1,000 denomination of the redesigned naira notes was unveiled.

President Muhammadu Buhari unveiled the new currency notes on Wednesday morning before the federal executive council (FEC) meeting at the state house, Abuja.

"The naira notes are long overdue for a change as the current tender has been in circulation for nearly 20 years," the President said.

"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,” he said.

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

‘‘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,” Buhari said.

Comments

Post a Comment

Type your comments here

Popular posts from this blog

Israel To Pump Water From The Mediterranean sea, To Top Up The Sea Of Galilee

  The Sea of Galilee, Israel, despite its name, the Sea of Galilee in northern Israel is actually a freshwater lake, and it's one that has sustained life for millennia. Even today, the lake irrigates vineyards and local farms that grow everything from green vegetables to wheat and tangerines. Its archeology, hot springs and hiking trails bring tourism and livelihoods for local communities. But this place of religious pilgrimage — where the New Testament says many of Jesus' miracles were performed — is facing a bleak future, CNN reports. The climate crisis is causing huge fluctuations in the lake's water levels. Now it happens to be fairly full, but just five years ago, it hit a record low. Climate change and unsustainable water management are leaving lakes dried up all over the Middle East and beyond, but the Israeli government is hopeful it has a solution: It plans to pump water from the Mediterranean sea, take the salt out of it and send it across the country to top up th...
4 comments
Read more

Boris Johnson - Apologizes For Partying At Lockdown

The Prime Minister of Great Britain, Boris Johnson apologizes for attending Downing Street party during lockdown. London(CNN)Boris Johnson has apologized for attending an event in the back garden of 10 Downing Street on May 20, 2020, at which point Britons were prohibited from gathering due to strict coronavirus restrictions. At the start of the weekly session of Prime Minister's Questions, Johnson said he did attend the gathering for 25 minutes before going inside to work. He said he believed the gathering to be a work event, but with hindsight conceded he should have sent attendees back inside. Leader of the opposition Keir Starmer said the UK Prime Minister's excuse that he "did not realize he was at a party" was "ridiculous" and "offensive." The Labour Party leader went on to ask if the Prime Minister would resign. "After months of deceit and deception, the pathetic spectacle of a man who has run out of road," Starmer said. The Prime ...
2 comments
Read more

Laughter The Best Medicine

1 comment
Read more