The Central Bank of Nigeria, CBN, has proposed Nigeria’s Naira Notes redesign every 5-8 years.
The sole purpose of rebranding N200, N500 and N1000 notes is to possess control of the cash in circulation.
Furthermore, the CBN Governor, Godwin Emefiele, who stated the aforementioned, insisted that it is paramount for a country to upgrade its currency to curb counterfeiting.
He mentioned that there’s no way the newly designed currency cannot be faked, stressing it would require direct photocopying that wouldn’t even come any close to succeeding in the duplication attempt.
Emefiele asked Nigerians to conduct a quick test using an Ultra-Violet, UV ray to ascertain the authenticity of the new notes.
The apex bank boss hinted that there are multiple security imprints on the Naira Notes that would discourage duplication.
Also, in order to cut the cost of reproducing the Nigerian currency, the reason given by the Bank’s Governor is the change made on only the colours of the money and avoiding the size and other detailing.
He stated that a full restructuring of the note would cost more, and that is not good for the economy, as there are other costs like distribution and management included.