Economic experts Mr. Idakolo Gbolade and CEO of Economic Associates, Mr. Ayo Teriba revealed that apart from the change in the color of the redesigned N200, N500 and N1000 notes, their security features have been improved.
Gbolade, Teriba made this disclosure to the DAILY POST while responding to naira remarks made by President Muhammadu Buhari on Wednesday.
In a closer look at the new naira notes, DAILY POST has gathered that the N500 shares the same emerald green color as the now-old N200, while the blue reissued N1000 looks like a Philippine pound 1000. Finally, the N200 looks like the old N10.
In response to this development, Gbolad stated that the Central Bank of Nigeria must have examined the shortcomings of the old denominations and improved the new banknotes.
He added that the main bank should raise its policy to encourage commercial banks to collect old, distorted naira notes.
“Aside from changing the color, the security features have also been improved. The Bank of Canada must have critically examined the shortcomings of the old denominations and improved the new fiat currencies.
The Central Bank of Nigeria has to improve its distortionary monetary policy to encourage banks to return it to the Central Bank of Nigeria at the lowest fee. This would be a significant departure from the old system where banks were charged a fee for returning notes.
Meanwhile, Teriba compared the redesigned naira notes to caricatures of the old glory of Nigeria’s currency.
Lamenting the continued decline of the naira against the dollar, he said: “Alhaji Sheikhu Shagari, who was then the Honorable Minister of Finance, and on behalf of whose Ministry the Central Bank of Nigeria issued notes and coins, introduced the Naira notes on the 1st of January, 1973. The Central Bank of Nigeria It is a subsidiary 100 per cent owned by the Federal Ministry of Finance N1 was equivalent to US$1.50 at the point of introduction in 1973 N10 Naira, the then highest cash denomination was equivalent to US$15 Note N1000, the highest denomination launched by him President Muhammadu Buhari today, equivalent to 1.50 US dollars.”
He continued, “On January 1, 2023, about five weeks from now, we shall celebrate the golden jubilee of the introduction of the naira. But what is happening today to the naira is a mockery of the naira notes that were inaugurated 50 years ago. All citizens must work To restore the ancient glory of Naira.”
CBN Governor Goodwin Emifielle said that the redesign of new naira notes will take place regularly every five to eight years.
New naira papers have enhanced security features – experts