Cbn new currency circular

You're referring to the Central Bank of Nigeria (CBN) circular on the introduction of a new currency!

Here's a summary of the circular:

Date: March 26, 2023

Subject: Introduction of New Series of Naira Banknotes and Coins

Summary:

The Central Bank of Nigeria (CBN) has introduced a new series of Naira banknotes and coins to replace the existing ones. The new currency features enhanced security features to reduce counterfeiting and improve the overall quality of the currency.

Key Features:

  1. New Banknotes: The new banknotes will be available in denominations of N50, N100, N200, N500, and N1,000. The new notes will feature enhanced security features, including:
    • Watermark
    • Security thread
    • Raised printing
    • Micro-printing
    • Color-shifting ink
  2. New Coins: The new coins will be available in denominations of 50k, N1, and N2. The new coins will feature improved design and security features, including:
    • Improved metal composition
    • Enhanced security features, such as holograms and micro-printing
  3. Phasing Out of Old Currency: The CBN has announced that the old series of Naira banknotes and coins will be phased out and will no longer be accepted as legal tender after a specified period.
  4. Public Education Campaign: The CBN has launched a public education campaign to educate the public on the new currency and its features.

Key Takeaways:

  1. The new currency is designed to improve the overall quality and security of the Naira.
  2. The new banknotes and coins will feature enhanced security features to reduce counterfeiting.
  3. The old series of Naira banknotes and coins will be phased out and will no longer be accepted as legal tender after a specified period.
  4. The public is advised to familiarize themselves with the new currency and its features.

I hope this summary helps!