The Central Bank of Nigeria on Wednesday presented the new polymer Naira notes to the Federal Executive Council in the Presidential Villa, Abuja.
The governor of the bank, Sanusi Lamido Sanusi, who handed the new notes to President Umaru Musa Yar’Adua at the villa during the meeting, said the current denominations of N5, N10 and N50 will remain legal tender and will be in circulation alongside the new polymer notes for the next six months.
“The public can, therefore, exchange their genuine old currencies in all banks across the country,” he said.
President Yar’Adua urged Nigerians to embrace the new polymer banknotes and support the “Keep the Naira Clean” campaign of the CBN.
He stated that the new design of the lower banknote denominations and coins, as well as the introduction of a N2 coin in February 2007, represented a full reform strategy intended to enhance the efficiency of the currency structure.
“I must express my pleasure at the outcome of the on-going currency restructuring programme of the CBN, which gathered momentum 10 years ago with the introduction of higher banknote denominations of N100, N200, N500 and N1,000 between 1999 and 2005,” Presidnet Yar’Adua said. “I am informed that the reform process resulted in huge cost-savings, arising from the reduction in the size of the notes and the streamlining of their security features.”
He also explained that the N20 denomination printed on polymer substrate had not only been found to be stronger and more durable, but also well received by Nigerians.
“The demonstrated expediency of adopting the poly substrate in banknote printing informed my approval for the conversion of the other lower banknote denominations in October 2008, on the recommendation of the board of the CBN,” President Yar’Adua said.
Self-sufficiency in production
The president expressed hope that the Nigerian Security Printing and Minting Plc., which was involved in the printing of the new polymer notes, will realise its optimal capacity in no distant time.
“By the time the polymer substrate is produced in this country in the long run, there is no overstating the benefit to Nigeria, as self-sufficiency in currency production - which indeed is the ultimate objective of this administration - would have been fully actualised,” he said.
Mr Sanusi also thanked the president for granting his approval for the new notes.
The Central Bank of Nigeria on Wednesday presented the new polymer Naira notes to the Federal Executive Council in the Presidential Villa, Abuja.
The governor of the bank, Sanusi Lamido Sanusi, who handed the new notes to President Umaru Musa Yar’Adua at the villa during the meeting, said the current denominations of N5, N10 and N50 will remain legal tender and will be in circulation alongside the new polymer notes for the next six months.
“The public can, therefore, exchange their genuine old currencies in all banks across the country,” he said.
President Yar’Adua urged Nigerians to embrace the new polymer banknotes and support the “Keep the Naira Clean” campaign of the CBN.
He stated that the new design of the lower banknote denominations and coins, as well as the introduction of a N2 coin in February 2007, represented a full reform strategy intended to enhance the efficiency of the currency structure.
“I must express my pleasure at the outcome of the on-going currency restructuring programme of the CBN, which gathered momentum 10 years ago with the introduction of higher banknote denominations of N100, N200, N500 and N1,000 between 1999 and 2005,” Presidnet Yar’Adua said. “I am informed that the reform process resulted in huge cost-savings, arising from the reduction in the size of the notes and the streamlining of their security features.”
He also explained that the N20 denomination printed on polymer substrate had not only been found to be stronger and more durable, but also well received by Nigerians.
“The demonstrated expediency of adopting the poly substrate in banknote printing informed my approval for the conversion of the other lower banknote denominations in October 2008, on the recommendation of the board of the CBN,” President Yar’Adua said.
Self-sufficiency in production
The president expressed hope that the Nigerian Security Printing and Minting Plc., which was involved in the printing of the new polymer notes, will realise its optimal capacity in no distant time.
“By the time the polymer substrate is produced in this country in the long run, there is no overstating the benefit to Nigeria, as self-sufficiency in currency production - which indeed is the ultimate objective of this administration - would have been fully actualised,” he said.
Mr Sanusi also thanked the president for granting his approval for the new notes.
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