Currency Counterfeiting: New Naira notes fortified with security features, assures CBN

Mo*The Central Bank of Nigeria assures consumers of financial products and services there is ‘no shortage’ of the currency as speculated, and the new Naira notes are ‘fully fortified with security features’ against counterfeiting

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has said the new Naira notes are fortified with security features that are difficult to clone by currency counterfeiters.

Alhaji Shehu Goringo, Gombe State Branch Controller of CBN, stated this Tuesday, January 10, 2023, at the CBN stakeholder sensitisation on the newly redesigned  N200, N500 and N1000 notes, held at Gombe main market.

Shamaudeen Imam Zubair, Senior Manager on Currency Operations of CBN, also said in terms of the objective of the Naira redesign policy, the new banknotes would address terrorism and kidnapping in the West African country.

The CBN Branch Controller in Gombe further said: “We know that some unscrupulous people are trying to make fake Naira notes, but I can tell you that the new Naira notes are fully fortified with security features which will make it difficult for anyone to make any fake copies of them.”

The CBN has set up measures for mopping up the old currency, stated Goringo.

No shortage of new currency denominations, says Goringo

According to the CBN Branch Controller, there is no shortage of the currency as speculated in certain quarters.

Goringo noted the CBN had been given directives to release the new currency to members of the public, and restated that “very soon, it will flood the market,” agency report said.

He further stressed: “There is no shortage of the new currency.

“We have it in abundance and we are going to release it to the public.”

The Controller stated: “The banks are having it, and we are encouraging them to push it out for withdrawal.

“If you have an account definitely you will get it for withdrawal.”

Deadline for use of old banknotes remains says CBN

Goringo, however, dismissed the possibility of an extension of the January 31, 2023, deadline for the removal of the old currency from circulation.

All I know is that January 31 is the deadline for the withdrawal of the old Naira notes, he said.

The Gombe State Branch Controller further emphasised there is no limit to the amount of money that can be deposited in the bank.

Zubair as well noted that globally, currencies are redesigned within five to eight years, and that it was long overdue in Nigeria.

The Senior Manager on Currency Operations at CBN also said: “Some of our currencies have stayed for 15 to 20 years.

“So this is the right time to redesign our currencies.”

According to him, there are lots of benefits in redesigning our currencies.

Zubair stated: “It will improve our monetary policy transmission mechanism.

“Secondly, it will improve our financial inclusion drive.

“This policy will also push a lot of people to open accounts.”

The redesigned Naira notes will also address the issue of terrorism and kidnapping adding that there is a lot of money in circulation before and kidnappers are using the opportunity to collect ransome from the people, he added.

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