| Yar’Adua launches
new Naira notes, urges careful handling
From LUCKY NWANKWERE, Abuja
Thursday, October
1, 2009
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•New
Naira Notes... President Umaru Yar’Adua launching
the new N5, N10 and N50 Polymer Bank Notes at the Federal
Executive Council meeting in Abuja on Wednesday
Photo: BAYO OBISESAN |
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President Umaru Yar’Adua on Wednesday in Abuja formally
launched the redesigned lower naira denominations of N5, N10
and N50 notes, praising the currency restructuring programme
of the Central Bank of Nigeria (CBN), which gave rise to the
redesigning of the banknote denominations and coins.
On the occasion shortly before the commencement of the weekly
Federal Executive Council meeting, he said the redesigning
of the lower naira denominations represented a comprehensive
reform strategy aimed at enhancing the efficiency of the currency
structure.
“I am informed that the reform process resulted in huge
cost-saving arising from the reduction in the size of the
notes and streamlining of their security features. The highlight
was the printing of the N20 denomination on polymer substrate
to test its durability and acceptance, the first time in the
history of banknote printing in Nigeria that an experiment
with a substrate other than ‘cotton’ paper was
carried out,” he stated.
The president explained that the approval given for the conversion
of the N5, N10 and N50 notes to polymer substrate was informed
by the strength and durability of the N20 note, which was
the only note printed in polymer substrate in 2007 and its
acceptance by the public.
“The denominated expediency of adopting the polymer
substrate in banknote printing informed my approval of the
conversion of the other lower banknote denominations in October
2008 on the recommendation of the board of the Central Bank
of Nigeria,” he further pointed out.
While commending the governor, board and management of CBN
for the initiative, he urged the public to embrace the campaign
to halt the abuse, which the naira had been subjected to over
the years, adding “this campaign would no doubt be greatly
enhanced by the introduction of the more durable polymer notes.”
President Yar’Adua also commended the Security Printing
& Minting (NSPM) Plc, which was involved in the printing
of the new polymer notes, expressing the hope that the firm
would in no distant future realize its full potential capacity.
“By the time the polymer substrate is produced in this
country in the long run, there is no overstating the benefit
to Nigeria, as self-sufficiency in currency production which
indeed is the ultimate objective of this administration, would
have been fully actualized,” he added.
Earlier, while presenting the new notes to the president,
the Governor of CBN, Mr. Sanusi Lamido Sanusi said the redesigned
notes were in conformity with international standard.
He explained that the old notes would exist alongside the
new polymer notes for six months before they would be phased
out.
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