HomeFINANCEBANKING & FINANCEMint Moves To Quell Biases Against New Naira Notes

Mint Moves To Quell Biases Against New Naira Notes

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The newly redesigned denominations of Naira banknotes have been recording increasing incidences of rejection as legal tender by certain members of the public alleging widescale counterfeiting of these currency notes which respective purchasing powers form the highest and most valuable segments of Nigeria’s national currency.

Although the nation’s apex bank, the Central Bank of Nigeria (CBN) has restated its resolve to stick to its deadline of January 31, 2023, for the phase out of the old versions of the 200, 500 and 1,000 redesigned Naira notes, there is overwhelming apathy about realising the objective.

Checks by The News Room revealed that banks, whose payouts via automatic teller machines (ATMs) are traditionally in either N500 or N1,000 denominations, are dispensing negligible quantities, if any, of the new banknotes in either of the two denominations.

Virtually the same scenario was found to be playing out at the counters of the banks monitored for transactions.

This was in spite of the fact that the banks are offered a wider range of denominations for effecting withdrawals at their counters.

Transactions in the redesigned banknotes have also not permeated the ubiquitous point of sales (POS) outlets.

However, in a clear move designed to eliminate whatever are the biases generating angst and apathy over the redesigned Naira banknotes in parts of Nigeria, the producer of the nation’s currency, the Nigerian Security Printing and Minting Company (NSPMC) Plc, is countering these and promoting wide acceptance of the notes.

Consequently, in a statement signed by its Managing Director, Mr. Ahmed Halilu, the NSPMC took out time to market the good qualities of the redesigned N200, N500 and N1,000 banknotes.

Noting that the organisation’s had observed various clips, skits, concerns and comments on diverse platforms regarding the quality of the redesigned notes, the statement posited that they were of the same substrates as the existing ones and passed through the same printing and finishing processes.

“It is, therefore, basically the same as the other notes in circulation,” according to the NSPMC boss.

He explained further: “It is, however, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.”

Halilu stated: “In addition, the second stage of the currency printing (intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design.

“One of the properties of intaglio inks is non-solubility in water and ease of transfer (light stain) on plain white materials owing to the size of the particles.

“This generally a security feature of all banknotes that easily differentiates them from forged or counterfeited notes.”

The production of the new Naira notes, according to him, benefitted from the best international practices, as he also gave assurances that the NSPMC would relentlessly pursue this.

Halilu appealed: “The Naira is our legal tender and national symbol. We, therefore, urge Nigerians and other users of the Naira banknotes not to subject our banknotes to experiment in order to prove a point.”

 

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