Nigeria Among Four African Countries That Print Their Currencies Locally – Buhari

President Muhammadu Buhari has unveiled three redesigned naira notes while boasting that Nigeria is among four of the 54 African countries that print their currencies locally.

Buhari Unveil Redesigned New Naira Notes

On Wednesday, November 23, President Buhari performed the official launch of the redesigned 200, 500, and 1000 Naira notes denomination with immense pride and satisfaction.

Speaking at the unveiling of the new Naira notes, the president said it is a thing of pride that Nigeria does not print its currencies abroad like many African countries.

Buhari said ‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit, adding that the new banknotes would help to implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

“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 our Security Printing and Minting Plc.

“The new naira banknotes have been fortified with security features that make them difficult to counterfeit,” the president said.

Acknowledging that international best practice required central banks and national authorities to issue new or redesigned currency notes every five to eight years, Buhari observed that it was now almost 20 years since the last major redesign of the country’s currency was done.

According to him, “This implies that the naira is long overdue to wear a new look. A cycle of banknote redesign is generally aimed at achieving specific objectives, including, but not limited to, improving security of banknotes, 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 – grant the Central Bank of Nigeria the power to issue and redesign the naira.

“In line with this power, the Central Bank Governor approached me earlier 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 central bank.

“There was an urgent need to take control of currency in circulation and to address the hoarding of naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and 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,” Buhari added.

KanyiDaily recalls that Edo State Governor, Godwin Obaseki said the CBN’s plan to redesign naira notes is political and a ploy by the ruling All Progressives Congress (APC) to sway voters ahead of the 2023 general elections.