Naira Redesign: Why new notes stain white surfaces – NSPM

THE Nigerian Security Printing and Minting Plc (NSPM) has addressed concerns raised by the public about the quality of the redesigned naira  notes.

In a statement on Friday January 6, NSPM’s managing director, Ahmed Halilu, said the company’s attention had been drawn to various concerns and comments on diverse platforms regarding the quality of the redesigned notes.

Halilu clarified that the new naira notes passed through the same printing processes and finishing procedures as the old ones.

Shedding light, he said, “It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces.”

He explained that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.

Ahmed Halilu

“In addition, the second stage of 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,” he said.

The NSPM, also referred to as the Mint, was contracted by the Central Bank of Nigeria (CBN) in 2014 to print the Naira in order to end years of importation of the notes.




     

     

    Since then, Halilu said, “Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.”

    The Governor of the CBN, Godwin Emefiele, had on October 26, 2022 announced the institution’s plan to redesign the N200, N500 and N1,000 notes.

    Read Also:

    It directed that the old notes would cease to be legal tender by January 31, paving way for the redesigned notes.

    In a recent Twitter post, the CBN advised Nigerians to ensure they deposit all the N200, N500 and N1,000 banknotes in their possession before the January 31, deadline.

    CBN Twitter post

     

     

     

     

     

    Sinafi Omanga is a journalist with The ICIR. His Twitter handle is @OmangaSinafi and Email: [email protected]

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement