Naira redesign news
Here are the latest news and updates on the naira redesign:
Latest Update: The Central Bank of Nigeria (CBN) has announced that the redesigned naira notes will be released into circulation from December 15, 2023.
Background: In October 2022, the CBN announced plans to redesign the naira notes in a bid to combat currency counterfeiting and improve the overall efficiency of the financial system.
Redesigned Notes: The new naira notes will feature enhanced security features, including:
- A new polymer substrate that is more durable and resistant to wear and tear
- A 3D security thread that glows in ultraviolet light
- A see-through window that allows for easy verification of the note's authenticity
- A unique serial number that can be verified using a mobile app
Old Notes: The CBN has announced that the old naira notes (N200, N500, and N1,000) will cease to be legal tender from January 31, 2024.
Consequences: The redesign has sparked concerns about the potential impact on the economy, particularly for small businesses and individuals who rely on cash transactions. Some have expressed worries about the availability of new notes, while others have raised concerns about the potential for hoarding and scarcity.
Government Response: The Federal Government has assured that adequate measures are in place to ensure a smooth transition to the new notes. The CBN has also set up a special task force to monitor the circulation of the new notes and prevent any form of hoarding or manipulation.
Public Reaction: The redesign has sparked a mix of reactions from the public, with some welcoming the move as a step towards modernizing the country's financial system, while others have expressed concerns about the potential disruptions and challenges that may arise.
Key Quotes:
- "The redesign of the naira notes is a major step towards modernizing our financial system and reducing the risk of currency counterfeiting." - Central Bank of Nigeria Governor, Godwin Emefiele
- "We are working hard to ensure a smooth transition to the new notes, and we are confident that the benefits will far outweigh the challenges." - Minister of Finance, Budget, and National Planning, Zainab Ahmed
Stay Tuned: For the latest updates on the naira redesign, stay tuned to reputable news sources and follow official social media channels for the CBN and other relevant authorities.