‘We had limited time’- CBN explains simplicity of redesigned naira notes

The Central Bank of Nigeria (CBN) has explained the reason for the “simplicity” of the redesigned naira notes.

The apex bank’s Director of Currency Operations, Ahmed Umar, stated this at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt, on Tuesday.

Umar was represented by the Head, Policy Development Division, Currency Operation Department of the CBN, Amina Halidu-Giwa.

President Muhammadu Buhari had last week unveiled the redesigned naira notes.

However, many Nigerians have expressed dissatisfaction with the simplicity of the new notes, saying that the government only repainted the notes.

Fielding questions about the issue, Umar said the apex bank had limited time to tackle the problem of counterfeiting, currency hoarding, among others.

“We want to solve a problem and we have limited time to do that.

“Redesigning is about change of colour or size. The ink itself is a security feature,” he said.

Umar said that the redesign of the notes were long overdue, adding that the N1000 notes had been in existence for 17 years, N500 for 21 years and N200 for 22 years.

The CBN director said that contrary to the rumours making the rounds that the apex bank would print other denominations apart from the redesigned N1000, N500 and N200, no other denomination would be printed.

He said the naira redesign would encourage many unbanked Nigerians to be included in the financial system.

According to him, it will discourage excessive cash carrying and encourage other electronic transactions.

He said that when the unbanked population is fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.

“Naira redesign will also help in reducing cash management expenditures, give visibility and control and would help the bank to know the volume of money in circulation.

”It will also help in fighting counterfeiting and money laundering,” he added.

(NAN)