The Nigerian Security Printing and Minting Plc has highlighted some features of the new naira notes in order to raise awareness among Nigerians who are concerned about the quality of the notes.
On Friday, the Managing Director of NSPM, Ahmed Halilu, issued a statement emphasizing the importance of informing Nigerians about the new Naira’s features.
“The attention of the Nigerian Security Printing and Minting Plc has been drawn to various clips, skits, concerns, and comments on various platforms regarding the quality of the redesigned banknotes that were recently unveiled and issued by the Central Bank of Nigeria,” the statement read in part.
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“As the nation’s foremost security printing and minting company saddled with the responsibility of producing the country’s currency (naira), we find it expedient to address the salient issues and further enlighten Nigerians on the features of the currency and, most importantly, the misconception about the quality of the new naira notes.
“With the support of the Central Bank of Nigeria, the NSPM Plc has been meeting Nigeria’s currency needs since 2014. Indeed, Nigeria has achieved zero currency importation, developed local capacity, and, to some extent, conserved foreign exchange during this period.”
“We want to inform all Nigerians that the new naira notes are of the same substrates and passed through the same printing processes and finishing procedures.
“It is, therefore, basically the same as the other notes in circulation. When rubbed on plain white surfaces, it also leaves traces of intaglio inks. It is important to note, however, that new banknotes are generally light when issued, but become heavier in circulation after coming into contact with dirt and moisture.
“Additionally, the second stage of currency printing (Intaglio) necessitates a heavy deposit of special inks with relatively large particles to provide a tactile feeling of the portraits as well as other raised prints by design.”
Godwin Emefiele, Governor of the Central Bank of Nigeria, announced plans to redesign the N200, N500, and N1,000 notes on October 26. He stated that it would go into effect on December 15, and that Nigerians would have until January 31, 2022, to exchange their old naira notes.
