• Business - Economy
  • Updated: January 11, 2023

Redesigned Niara Notes: CBN Sensitises Traders

The Central Bank of Nigeria has sensitised Gombe traders on the importance of accepting the new currency notes.

The Senior Manager of the Currency Operations Department, Shamsudeen Imam, who spoke on Tuesday, during a one-day awareness programme at Gombe International Market, disclosed that the currency change is a good step with lots of benefits to the economy.

While speaking on the basic security features for the new naira notes, Imam said, “Some counterfeiters find it difficult to counterfeit some features.

"The issue of colour; if you are carrying an original currency if you use a handkerchief the colour will come out; it means that the currency is original but if it is fake if you put a handkerchief, the colour will not come out.

"The watermark is basic another basic security feature.”

According to him, other countries change theirs every five years.

“Globally, currencies are designed every five to eight years but for Nigeria, it is long overdue.

"Some of our currencies have stayed for 14 to 20 years, so it is the right time to redesign our currency.”

While enumerating the importance of the currency change, Imam said it would improve the country’s monetary policy.

“The transmission mechanism, we use money supplied to transmit our monetary policy.

"The CIC is a component of monetary policy so definitely our monetary policy mechanism will be very effective.

"It will improve our financial inclusion drive, as it will push a lot of people to open accounts because we can’t carry cash to a bank and carry cash.

"You need to open an account and as a result, more people will come into the financial system.”

He disagreed that the sensitisation was coming rather late, following the deadline.

“It is not coming late because sensitisation has been on local radio stations.”

The Branch Controller of CBN, Shehu Goringo added, “We encourage the banks to issue out the new currencies.

"It is fully fortified with security features and I don’t think it can be faked.”

Responding to a question about the shortage of the new currencies, following the circulation of old notes, Goringo ruled out possible postponement in date.

“There is no shortage, we have and we are moving it out. All I know is that we have a deadline that is 31st January.”

Also, the General Secretary of the Gombe State Traders Association, Adamu Manga, lauded the initiative.

Manga said the policy would ensure sanity in doing business.

“We are in a modern society there is no basis to say you don’t have an account number when you have a phone,” Manga stated.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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