The Central Bank of Nigeria (CBN) has finally confirmed that it has almost concluded arrangements to restructure the currency which would see the entire notes redesigned with new features and introduce a high denomination of N5,000.
The newly designed currency is expected to be launched early 2013, according to the governor of CBN, Sanusi Lamido Sanusi, who briefed journalists on the new development in Abuja on Thursday.
Sanusi said the restructuring exercise was a routine of the apex bank even though this was particularly planned at this time to overcome several challenges which have arisen from the usage of the series of currency launched by his predecessor, Charles Soludo, just a few years ago.
Under the new structure, the existing denominations of N50, N100, N200, N500 and N1,000 will be redesigned with added new security features while a new high currency denomination, N5,000, will be brought into circulation.
Sanusi explained also that the lower banknote denominations of N5, N10 and N20 will be coined, meaning that naira currency structure will now be twelve, six coins and six banknotes.
While the coins will now be 50k, N1, N2, N5, N10 and N20, the banknotes will be N50, N100, N200, N500, N1,000 and N5,000.
Sanusi said the apex bank board on November 8, 2011 considered and approved the new currency series and subsequently sought and obtained the approval of President Goodluck Jonathan on the matter.
He noted that as a first step towards this routine exercise, the CBN carried out a review of the existing currency series in 2010 which threw up several revelations and challenges such as public apathy towards the usage of the 50k, N1 and N2 coins introduced in February 2007 including the fact that the varnished lower denomination banknotes failed to adequately meet expected longevity.
Other challenges, according to him, are significant difficulties associated with the processing and destruction (briquetting) of the polymer banknotes, a situation which, according to him, has largely constrained the realisation of the benefits expected from polymer banknotes over paper notes.
Meanwhile, the tactile feature for the visually impaired on the polymer notes has not been as effective as desired, he further noted.
He assured that the impending review exercise would help upgrade the design of the entire existing range of currency denominations in order to enhance the quality and integrity of the banknotes, incorporate a more effective feature for the visually challenged as well as introduce new security features on the redesigned banknotes.
“The intention here is to enable us take ownership and control of the new features on the series and eliminate payment of royalties on patented security features,” the governor noted.
The newly designed currency is expected to be launched early 2013, according to the governor of CBN, Sanusi Lamido Sanusi, who briefed journalists on the new development in Abuja on Thursday.
Sanusi said the restructuring exercise was a routine of the apex bank even though this was particularly planned at this time to overcome several challenges which have arisen from the usage of the series of currency launched by his predecessor, Charles Soludo, just a few years ago.
Under the new structure, the existing denominations of N50, N100, N200, N500 and N1,000 will be redesigned with added new security features while a new high currency denomination, N5,000, will be brought into circulation.
Sanusi explained also that the lower banknote denominations of N5, N10 and N20 will be coined, meaning that naira currency structure will now be twelve, six coins and six banknotes.
While the coins will now be 50k, N1, N2, N5, N10 and N20, the banknotes will be N50, N100, N200, N500, N1,000 and N5,000.
Sanusi said the apex bank board on November 8, 2011 considered and approved the new currency series and subsequently sought and obtained the approval of President Goodluck Jonathan on the matter.
He noted that as a first step towards this routine exercise, the CBN carried out a review of the existing currency series in 2010 which threw up several revelations and challenges such as public apathy towards the usage of the 50k, N1 and N2 coins introduced in February 2007 including the fact that the varnished lower denomination banknotes failed to adequately meet expected longevity.
Other challenges, according to him, are significant difficulties associated with the processing and destruction (briquetting) of the polymer banknotes, a situation which, according to him, has largely constrained the realisation of the benefits expected from polymer banknotes over paper notes.
Meanwhile, the tactile feature for the visually impaired on the polymer notes has not been as effective as desired, he further noted.
He assured that the impending review exercise would help upgrade the design of the entire existing range of currency denominations in order to enhance the quality and integrity of the banknotes, incorporate a more effective feature for the visually challenged as well as introduce new security features on the redesigned banknotes.
“The intention here is to enable us take ownership and control of the new features on the series and eliminate payment of royalties on patented security features,” the governor noted.
Source: Business Day
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