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Buhari Insists New Naira Notes Well Fortified Against Counterfeit ~ OsazuwaAkonedo
Nov 24, 2022
Buhari Insists New Naira Notes Well Fortified Against Counterfeit ~ OsazuwaAkonedo #banks #Buhari #Muhammadu #Naira #Nigeria #Nigerian #security #2023Election #cbn #Counterfeit #Emefiele #Godwin #OsazuwaAkonedo https://osazuwaakonedo.news/buhari-insists-new-naira-notes-well-fortified-against-counterfeit/23/11/2022/ By Femi Adesina
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0:00
by femi adesina
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Dash
0:03
president muhammadu buhari on Wednesday
0:05
in Abuja launched the new naira
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banknotes expressing Delight that the
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redesigned currencies are locally
0:11
produced by the Nigerian security
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Printing and minting and SPM plc
0:16
speaking at the launch of the new
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banknotes which preceded the Federal
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Executive Council FEC meeting the
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president explained in detail the basis
0:25
for his approval to the Central Bank of
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Nigeria CBN to redesign the 200 501 000
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banknotes
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according to the president the new naira
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banknotes have been fortified with
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security features that make them
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difficult to counterfeit
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he also added that the new banknotes
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would help the Central Bank design and
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Implement better monetary policy
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objectives as well as enrich the
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collective memory of Nigeria's heritage
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president buhari commended the CBN
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Governor godwinner Mayfield and his
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deputies for the initiative while also
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thanking the managing director executive
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directors and staff of the Nigerian
1:00
security Printing and minting PLC for
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working tirelessly with the Apex Bank to
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make the currency redesign a reality and
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for printing the new naira nodes within
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a comparatively short time
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acknowledging that International best
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practice requires central banks and
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National authorities to issue new or
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redesigned currency notes every five to
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eight years the president noted that it
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is now almost 20 years since the last
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major redesign of the country's local
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currency was done
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this implies that the naira is long
1:28
overdue to wear a new look
1:30
a cycle of banknote redesign is
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generally aimed at achieving specific
1:34
objectives including but not limited to
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improving security of banknotes
1:39
mitigating counterfeiting preserving a
1:41
collective National Heritage controlling
1:43
currency in circulation and reducing the
1:46
overall cost of currency management
1:48
as is known our local laws specifically
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the Central Bank of Nigeria Act of 2007
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grants the Central Bank of Nigeria the
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power to issue and redesign the naira in
1:59
line with this power the Central Bank
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Governor approached me earlier in this
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year to seek my permission to embark on
2:05
a currency redesign project I considered
2:08
all the facts and reasons presented
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before me by the central bank
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there was an urgent need to take control
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of currency in circulation and to
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address the hoarding of nairobanknotes
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outside the banking system the shortage
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of clean and fit banknotes in
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circulation and the increase in
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counterfeiting of high denomination
2:25
Niara banknotes it is on this basis that
2:27
I gave my approval for the redesign of
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the 200 501
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000 banknotes while this may not be
2:34
apparent to many Nigerians only four of
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the 54 African countries print their
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currencies in their countries and
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Nigeria is one hence a majority of
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African countries print their currencies
2:45
abroad and import them the way we import
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other Goods
2:49
that is why it is with immense Pride
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that I announce to you that these
2:52
redesigned currencies are locally
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produced right here in Nigeria by our
2:56
security Printing and minting PLC he
2:58
said
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in his remarks the governor of CBN
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Godwin and Mayfield thanked the
3:04
president for his unwavering support for
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the redesign and distribution of the new
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notes which he said will control
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inflation make policies more effective
3:11
ensure Financial inclusion and fight
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corruption
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the CBN governor also noted that by
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International best practice the redesign
3:20
of notes should be every five to eight
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years and the currency in circulation
3:23
had been in usage for 19 years with
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spiraling challenges on the economy
3:28
especially on security and
3:29
counterfeiting
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I may feel also appreciated president
3:33
buhari for his insistence that the
3:35
initial notes must be designed and
3:36
produced within the country further
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placing confidence in Nigerian security
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Printing and minting
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Mr President only a president of your
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esteemed an Incorruptible stature could
3:47
have done what we are witnessing today
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he added
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the CBN governor listed the benefits of
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the redesigned naira notes to include
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enhanced security greater durability
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attractiveness and promotion of Rich
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cultural heritage
4:00
at View's exclusive rights femi adesina
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special advisor to the president media
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and publicity November 23 2022
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