New currency notes in nigeria

The Central Bank of Nigeria (CBN) has introduced new currency notes in Nigeria. Here are the details:

New Naira Notes:

  1. N50: The new N50 note features a portrait of Dr. Nnamdi Azikiwe, a Nigerian statesman and philosopher, on the obverse (front) side. The reverse (back) side features a picture of the Nigerian coat of arms.
  2. N100: The new N100 note features a portrait of Dr. Chukwuemeka Odumegwu Ojukwu, a Nigerian statesman and leader of the Biafran secessionist movement, on the obverse side. The reverse side features a picture of the Nigerian national flag.
  3. N200: The new N200 note features a portrait of Dr. Muhammadu Buhari, the current President of Nigeria, on the obverse side. The reverse side features a picture of the Nigerian national emblem.
  4. N500: The new N500 note features a portrait of Dr. Olufunmilayo Ransome-Kuti, a Nigerian educationist and women's rights activist, on the obverse side. The reverse side features a picture of the Nigerian national anthem.
  5. N1000: The new N1000 note features a portrait of Dr. Clement Isong, a Nigerian economist and former Governor of the Central Bank of Nigeria, on the obverse side. The reverse side features a picture of the Nigerian national coat of arms.

Features of the New Notes:

  1. Security Features: The new notes have enhanced security features, including:
    • Watermark
    • Security thread
    • Raised print
    • Micro-lettering
    • Color-shifting ink
  2. Unique Serial Number: Each note has a unique serial number to prevent counterfeiting.
  3. Improved Durability: The new notes are made of a more durable material to withstand wear and tear.

Why the New Notes?

The CBN introduced the new notes to:

  1. Combat Counterfeiting: The new notes have enhanced security features to prevent counterfeiting and reduce the circulation of fake currency.
  2. Improve Efficiency: The new notes are designed to be more efficient to produce and distribute, reducing costs and increasing the speed of circulation.
  3. Enhance Aesthetics: The new notes feature portraits of notable Nigerians, promoting national pride and cultural heritage.

The new notes are expected to improve the efficiency of the Nigerian economy and reduce the risk of counterfeiting.