Latest on new naira notes

Here's the latest information on the new naira notes in Nigeria:

Introduction of New Naira Notes: The Central Bank of Nigeria (CBN) introduced new naira notes in November 2021, replacing the old ones. The new notes are designed to be more secure, durable, and user-friendly.

Denominations: The new naira notes come in the following denominations:

  1. N50
  2. N100
  3. N200
  4. N500
  5. N1,000

Security Features: The new notes have several security features to prevent counterfeiting and ensure authenticity. Some of these features include:

  1. Watermark: A transparent image of the Nigerian coat of arms is embedded in the paper.
  2. Security Thread: A thin strip of material that glows pink when held under UV light.
  3. Raised Printing: Raised printing of the Nigerian coat of arms and the denomination.
  4. Micro-Printing: Tiny text that is difficult to reproduce.
  5. Color-Shifting Ink: The Nigerian coat of arms changes color when tilted.

Availability: The new naira notes are gradually being introduced into circulation, with the CBN aiming to replace the old notes by December 2022.

Old Naira Notes: The old naira notes are still valid for now, but the CBN has advised Nigerians to deposit them into their bank accounts or exchange them for the new notes at designated centers.

Challenges: There have been some challenges with the introduction of the new naira notes, including:

  1. Shortage of New Notes: Many banks and ATMs have reported a shortage of new notes, leading to long queues and frustration for customers.
  2. Counterfeit Notes: There have been reports of counterfeit new naira notes being circulated, which has raised concerns about the security of the new notes.
  3. Technical Issues: Some ATMs and POS machines have experienced technical issues when trying to dispense or accept the new notes.

CBN's Response: The CBN has responded to these challenges by:

  1. Increasing the supply of new notes to banks and ATMs.
  2. Conducting awareness campaigns to educate the public about the security features of the new notes.
  3. Working with banks and other financial institutions to resolve technical issues.

Overall, the introduction of the new naira notes is a significant step towards modernizing Nigeria's currency and reducing the risk of counterfeiting. However, it's essential for the CBN to address the challenges and ensure a smooth transition to the new notes.