New Naira Notes to be Printed Locally – CBN

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

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

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.

Shedding light on the communication or lack of it between the CBN and the minister of finance on the decision to redesign some denominations of the naira, the CBN Board member insisted that “the CBN Governor did not take the decisions on currency redesign alone”.

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.