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

THE SARKIN BAI AND KINGMAKER MUKTAR ADNAN, IS DEAD.

Kano Emirate’s longest  serving kingmaker and former district head of Dambatta, Mukhtar Adnan, has died.
3 comments
Read more

Great News! Drug Charges Dropped!-Blessing Okagbare

  There were strong indications yesterday that the United States may have dropped ‘all charges’ against Nigerian sprinter, Blessing Okagbare, who is serving a 10-year ban over drugs offences. Okagbare was provisionally suspended for testing positive for human growth hormone in July 2021, just hours before her 100m semifinals at Tokyo Olympics. She was later handed a 10-year ban by the world anti-doping agency (WADA). Before then, Okagbare was under investigation by an American agency for some other misdemeanours. The U.S. Federal authorities had searched Okagbare’s cellphone on her return to the country from the Tokyo Olympics and found she had frequently communicated with Eric Lira, a kinesiologist and naturopathic doctor, who was said to have brought ‘misbranded’ versions of the drugs to the U.S. from Central and South America before distributing them to athletes. But a source close to World Athletics told The Guardian yesterday that the U.S. has dropped ‘all charges’ against Oka...
1 comment
Read more