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New Naira Notes Have Enhanced Security Features – Experts Speaks

Gbolade, Teriba made this disclosure to DAILY POST whereas reacting to newly launched naira notes by President Muhammadu Buhari on Wednesday.

 Naira notes

Mr Idakolo Gbolade, an financial professional and the Chief Government Officer of Financial Associates, Mr Ayo Teriba have talked in regards to the new naira notes.

They disclosed that aside from the change in color of the redesigned N200, N500 and N1000 naira notes, its safety features have been enhanced.

Gbolade, Teriba made this disclosure to DAILY POST whereas reacting to newly launched naira notes by President Muhammadu Buhari on Wednesday.

In a more in-depth take a look at the brand new naira notes, DAILY POST gathered that the N500 shares the identical emerald inexperienced color because the now previous N200, whereas the reissued N1000 in blue appears just like the Philippines’ 1000 pound. Lastly, the N200 appears just like the previous N10.

Reacting to the event, Gbolade said that the Central Financial institution of Nigeria should have examined the shortcomings of the previous denominations and improved the brand new notes.

He added that the apex financial institution ought to upscale its coverage to encourage industrial banks’ assortment of mutilated, previous naira notes.

“Other than the color change, the safety features are additionally enhanced. The CBN should have critically examined the previous denominations’ shortcomings and improved the brand new notes.

“The CBN has to enhance its mutilated notes coverage to encourage banks to return them to the CBN with minimal fees. This will probably be a serious departure from the previous system the place banks are charged for returning the notes,” he said.

In the meantime, Mr Teriba in contrast the redesigned naira notes to a caricature of the previous glory of Nigeria’s foreign money.

Lamented the continued fall of naira in opposition to greenback, he mentioned: “Alhaji Shehu Shagari, who was then the Honourable Minister of Finance, on behalf of whose ministry the Central Financial institution of Nigeria issued foreign money notes and cash, launched Naira notes on 1st January 1973. The CBN is without doubt one of the subsidiaries owned 100 per cent by the Federal Ministry of Finance. N1 was equal to US$1.50 on the level of introduction in 1973, and N10 Naira, the very best denomination notice on the time, was equal to US$15. N1000 notice, the very best denomination President Muhammadu Buhari is launching immediately, is equal to US$1.50.”

Persevering with, he mentioned: “On 1st January 2023, about 5 weeks from now, we must always ideally be commemorating the Golden Jubilee of the introduction of the Naira. However what is occurring immediately to the Naira is a mockery of the naira notes inaugurated 50 years in the past. All compatriots should work to revive the previous glory of the Naira.”

CBN Governor Godwin Emefiele mentioned the redesign of recent naira notes will probably be carried out recurrently each 5 to eight years.

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