The redesigned higher values of the new naira notes will be challenging for money forgers to counterfeit, according to President Muhammadu Buhari on Wednesday.
He claimed that this was because the new N1000, N500, and N200 notes were improved with security features.
Buhari said:
“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit.”
The President expressed happiness that the new notes were printed locally by the Nigerian Security Printing and Minting (NSPM) Plc, according to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina.
He clarified that in addition to the fact that the exercise was overdue, it was necessary to seize control of the cash that was in use.
The Central Bank of Nigeria (CBN) would be able to develop and carry out better monetary policy goals with the aid of the new naira notes, he continued.
The President praised the initiative and the CBN Governor, Godwin Emefiele, and his appointees.
NSPM Plc management was also praised by him for “working relentlessly with the apex bank to make the currency redesign a reality and for printing the new naira notes within a relatively short period of time.”