Reason I Sanctioned The Redesign Of Naira Locally – Buhari

PRESIDENT Muhammadu Buhari launched the new Naira banknotes yesterday and expressed satisfaction that the Nigerian Security Printing and Minting, NSPM Plc, had manufactured the locally made money.

Speaking Monday in Abuja before the Federal Executive Council (FEC) meeting, Buhari provided a detailed justification for his decision to give the Central Bank of Nigeria (CBN) his consent to redesign the N200, N500, and N1000 banknotes.

He claims that the new Naira banknotes are harder to counterfeit since they are strengthened with security measures.

In addition to enhancing the communal memory of Nigeria’s history, he continued, the new banknotes will aid the Central Bank of Nigeria in developing and implementing better monetary policy objectives.

Buhari thanked the Managing Director, Mr. Ahmed Halilu, Executive Directors, and staff of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time” in addition to CBN Governor Godwin Emefiele and his deputies for the initiative.

Every five to eight years, central banks and national governments must issue new or revised currency notes, according to the President’s observation of worldwide best practice.

Redesign long overdue — BUHARI

He noted that it was now almost 20 years since the last major redesign of the country’s local currency was done, adding that implied that the Naira was long overdue for a redesign.
The President said: ”A cycle of banknote redesign is generally aimed at achieving specific objectives, including, but not limited to improving security of banknotes.

”It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

‘‘As is known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grants the CBN the power to issue and redesign the Naira.

“In line with this power, the bank’s governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the CBN.”

He expressed the hope that the new notes would address the urgent need to take control of currency in circulation, adding that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation.

Design was locally done

Buhari said the redesigned notes would equally address the increase in counterfeiting of high-denomination Naira banknotes.

“It is on this basis that I gave my approval for the redesign of the N200, N500 and N1000 banknotes.

“While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries, and Nigeria is one, hence a majority of African countries print their currencies abroad and import them the way we import other goods.
“That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by NSPM Plc,’’ he said.