New naira notes to be printed locally, says CBN

By: Nduka Cheijina.

Edited by: Oluwapelumi Adeniran.

There is no plan to print the proposed new naira notes outside Nigeria, a Central Bank of Nigeria Board member has said.

“All the new currency notes are printed in Nigeria by the Nigeria Security, Printing and Minting Company, so I do not envisage printing outside the country,” the Board member told Newsmen in confidence.

 

Central Bank of Nigeria CBN Governor Godwin Emefiele.

He, however said that he has no idea of the cost for printing the new currencies for now. But he assured that the cost is “something that can be accommodated in view of the expected benefits of the re-designed notes”.

According to CBN Governor, Godwin Emefiele, the N1000, N500 and N200 are to wear new looks soon.

According to the Board member, “at present, the Board of the CBN has not been inaugurated even though the Senate has confirmed the re-appointment of the members. Until the Board is inaugurated, it cannot sit”.

He went on to add that “in the interim, the President who is the Supervisor of the CBN, acts on behalf of the Board. This is why the Governor went directly to the President for approval of the redesign.

But Edo State Governor Godwin Obaseki read political meaning to the proposed naira redesign.

Policy targeted at opposition, says Obaseki. 

He said: “The redesigning of the nation’s currency should not be a priority, as the majority of citizens are suffering from hunger, poverty and economic hardship.

“I am an economist and I can tell you categorically that this policy by the CBN and Federal Government has no basis in Nigeria’s economy. There is no reason to do this. The move is purely political, as there is no urgency in changing our currency.”

Edo governor was of the opinion that putting food on the table of Nigerians ought to have been given priority attention by the Muhammadu Buhari’s administration.