The Central Bank of Nigeria (CBN) has on Wenesday, November 23rd 2022, begun the circulation of new Naira notes in Lagos. The new notes include a polymer (plastic) N200, N500 and N1000 note that has been introduced into the Nigerian currency family. While launching the new naira notes in Lagos, President Mohammadu Buhari said the introduction of the new notes is to encourage cashless policy and improve efficiency. These new notes were designed with features to meet global standards that would make them difficult to replicate or counterfeit. Mr Emefiele the CBN Governor also said the CBN will continue to pursue policies that encourage cashless economy while preventing money laundering activities
The Central Bank of Nigeria (CBN) has on Wednesday, November 23rd 2022 began the circulation of new Naira notes in Lagos.
The Central Bank of Nigeria (CBN) has on Wednesday, August 23rd 2022 begun the circulation of new Naira notes in Lagos.
The CBN Governor said that it had introduced a new polymer bank note series to meet global standards that would make them difficult to replicate or counterfeit.
The new notes are being circulated with immediate effect with the aim of replacing all existing denominations by 2023.
The polymer banknotes are made from synthetic plastic and are said to be more durable than paper money. The polymer notes are also harder to counterfeit and easier to reuse than paper money, which means they will last longer in circulation. However, there is some controversy over whether or not people should use them because of their durability; some people think it could lead them being used as litter rather than as currency!
There are other features too:
There’s no serial number on either type of banknote like there was before this changeover took place – so if you lose yours then you can’t trace where it came from easily! This may make things easier for thieves who want something valuable like your money but don’t care about being caught out doing something bad (like stealing). It might also mean that criminals don’t realise how much value each note has until after taking them away from someone else – which could make life much harder for both parties involved if no one knows how much money has been taken away by mistake…
While launching the new naira notes in Lagos, CBN Governor Godwin Emefiele said the introduction of the new notes is to encourage cashless policy and improve efficiency.
Emefiele said: “The new polymer notes will make it difficult for counterfeiters or replicators to reproduce these. It also makes it harder for criminals to launder money because they can’t use them as currency.” He added that since there are more than 100 million Nigerians who don’t have access to banks or ATMs, this makes it easier for people with illegal activities like drug trafficking or human trafficking.
These new notes were designed with features to meet global standards that would make them difficult to replicate or counterfeit.
The new notes were designed with features to meet global standards that would make them difficult to replicate or counterfeit.
The polymer notes are more durable than paper and take longer to degrade in the environment, making them harder for criminals to use as currency.
The N1000 note is the highest value note in Nigeria’s currency family, so it’s important that it be secure from counterfeiting.
Mr Emefiele said the CBN will continue to pursue policies that encourage cashless economy while preventing money laundering activities.
The CBN is committed to the cashless policy and will continue to pursue policies that encourage cashless economy, while preventing money laundering activities.
The Central Bank Governor said this during a lecture titled “The Future of Banking in Nigeria” at the Nigerian Institute for Economic and Social Research (NIER).
Mr. Emefiele noted that as part of its efforts towards achieving financial inclusion, banks have embarked on various initiatives including mobile banking services; payment solutions such as card-on-file and direct debit; mobile money platforms like Jumia Cash Pay & Go among others.
The Nigerian currency has a fresh look with the inclusion of polymer notes and a new N200 note.
Plastic notes are more durable than paper, more secure and resistant to dirt and moisture. They also have a much smaller carbon footprint compared to paper currency. The new polymer notes are harder to counterfeit because they’re printed on plastic instead of cotton paper.
The N500 note has been withdrawn with the introduction of these new notes; however, there will be no change in its design or security features
Conclusion
The launch of the new notes was part of an ongoing initiative by the CBN to improve the efficiency and quality of Nigerian currency. In addition to polymer, the new N200, N500 and N1000 notes also have security features that will make them difficult to replicate or counterfeit.
