• The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
Monday, January 30, 2023
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects & Partnerships
    • AUN-PT Data Hub
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects & Partnerships
    • AUN-PT Data Hub
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

‘We had limited time’, CBN explains why new naira notes are ‘simple’

The bank says it will not introduce a higher note than N1000.

byAgency Report
November 30, 2022
Reading Time: 2 mins read
1

The Central Bank of Nigeria (CBN) has responded to concerns that its widely anticipated redesign of naira notes was merely a colour change of the notes without additional security features, saying it had limited time to redesign the 200, 500 and 1000 bills.

The bank said the new colours provided additional security.

Ahmed Umar, the Director, Currency Operations of CBN, said this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors, according to the News Agency of Nigeria.

Mr Umar was represented by the bank’s Amina Halidu-Giwa, the Head, Policy Development Division, Currency Operations Department of the bank.

Asked by journalists why the new notes were so “simple”, Mrs Halidu-Giwa said, ”We want to solve a problem and we have limited time to do that. Redesigning is about change of colour or size. The ink itself is a security feature.”

She said the bank has no plan to introduce N5,000 notes. NAN reports that the workshop, which opened on Monday in Port Harcourt, has as its theme: “Building Depositors Confidence Amidst Emerging Issues and Challenges in the Banking Industry.”

Mrs Halidu-Giwa who spoke on the topic, “Redesign of the Naira: Benefits to the financial system and the Nigerian economy”, said the apex bank was not carrying out note restructuring.
“We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about,” she said.

She explained that if the apex bank wanted to carry out note restructuring, it would need to coin the lower bills, like the N100 note for example.

Atiku-Okowa AD

She also said that the apex bank had not made any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.
“What we are printing is going to be very limited because we want other means of settling transactions to be used.

“Because Nigerians and cash, there seems to be a problem. And it will give us enhanced visibility and control of the currency.
“We will also be able to control the number of banknotes outside,” she said.

The bank said the redesign will encourage expanded financial inclusion and other forms of electronic transactions. According to her, it will discourage excessive carrying of cash and encourage other electronic means of transactions.

He said that when the un-banked were fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.

NAHCON State AD NAHCON Tour Operator AD NAHCON Cargo Operator AD

Kogi AD

TEXEM Advert

”Naira redesign will also help in reducing cash management expenditures, give visibility and control and will help the bank to know the volume of money in circulation.

”It will also help in fighting counterfeiting and money laundering,” she said. (NAN)

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • Telegram
  • LinkedIn
  • Email
  • Print



Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

I almost committed suicide when my bum enlargement procedure photos leaked — Khloe

Next Post

By ‘short-changing’ female voices, newsrooms lose billions of dollars in revenue – Report

Agency Report

Agency Report

More News

BUA Foods

BUA Foods’ annual profit surges by 30% as sales hit N418 billion

January 30, 2023
New Naira notes

SSS arrests currency traders selling new naira notes, says banks complicit

January 30, 2023
_Uyo_Urban_Ward_2,_crowd_outside_a_classroom_at_Government_School,_Ikot_Ntuen_Oku

SPECIAL REPORT: Few weeks to elections, Nigerians go through harrowing experiences to collect PVCs

January 30, 2023
A cartoon used to illustrate the editorial on fuelling public service corruption with unpaid retirees benefits

EDITORIAL: Fuelling public service corruption with unpaid retirees benefits

January 30, 2023
New Naira Notes

Naira Redesign: CPPE says 10-day extension inadequate

January 29, 2023
APC presidential candidate Bola Ahmed Tinubu and Nigeria's president Muhammadu Buhari. [PHOTO CREDIT: Bashir Ahmad]

PT State of the Race: Enemy or Friend: Tinubu’s topsy-turvy relationship with Buhari

January 29, 2023
Read All Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • Digital Store
  • Home
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Gender
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • AUN-PT Data Hub
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • Dubawa NG
  • Careers
  • Contact Us

All content is Copyrighted © 2022 The Premium Times, Nigeria