Days after the unveiling of the redesigned naira notes, the Central Bank of Nigeria (CBN) has explained the simplicity behind them, saying there was limited time.
Nigerians have criticised the new designs, with many highlighting the lack of creativity; something that has prompted the apex bank to respond.
CBN in its reaction said that the new colours of the 200, 500 and 1,000 bills provide additional security.
This was disclosed by Ahmed Umar, the Director, Currency Operations of CBN, at a three-day workshop organised by the Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors, according to the News Agency of Nigeria.
Umar was represented by Amina Halidu-Giwa, the Head of the Policy Development Division, Currency Operations Department of the bank.
When quizzed on the simplicity of the new designs, 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.”
Speaking further, she revealed that CBN does not plan to introduce 5,000 notes.
“We are not introducing any new notes because there was noise. Some people have seen one N5,000 note that we don’t know about."
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