The Central Bank of Nigeria (CBN) has publicly the Supreme Court’s order, directing commercial banks and other banks dealing with fiat currency in Nigeria to comply.
According to CBN on Wednesday 29 of November, 2023, Nigeria Supreme Court had ordered all banks to maintain the old Naira notes as the legal tender of the country till further notice.
Hence, the Nigeria’s Central Bank (CBN) has mandated all concerned banks to act in accordance with this ruling to issue and accept old naira notes alongside the redesigned indefinitely.
Recalls:
The redesigned naira notes were introduced by the CBN in 2023. These notes were designed to be more secure and to have a more modern look.
On the other hand, the old naira notes were the first set of notes issued by the Central Bank of Nigeria (CBN) when it was established in 1959. These notes were in circulation until 2023 when they were replaced by redesigned notes.
The old notes were available in denominations of N5, N10, N20, N50, N100, N200, N500, and N1000. They were printed on paper made from cotton and linen, and they had a variety of security features to prevent counterfeiting.
The redesigned notes are available in denominations of N200, N500, and N1,000. They are printed on a new type of polymer substrate that is more durable and less likely to counterfeit.
The redesigned notes have a variety of new security features, including enhanced watermarking, improved color-shifting ink, and a new security thread.
The redesigned naira notes were designed by a team of international experts. The designs feature images of Nigerian culture and heritage.
Key Differences Between Old and Redesigned Naira Notes
1. Substrate: The old notes were printed on paper made from cotton and linen, while the redesigned notes are printed on a polymer substrate.
2. Security features: The redesigned notes have a variety of new security features that are not present on the old notes.
3. Design: The redesigned notes have a more modern look and feel than the old notes.
Impact of the Redesigned Naira Notes
The redesigned naira notes have had a number of positive and negative impacts on the Nigerian economy.
Positive impacts:
1. Reduced counterfeiting: The new security features of the redesigned notes have made them more difficult to counterfeit.
2. Increased durability: The polymer substrate of the redesigned notes is more durable than the paper substrate of the old notes.
3. Improved aesthetics: The redesigned notes have a more modern look and feel than the old notes.
Negative impacts:
1. Cost: The redesigned notes were more expensive to produce than the old notes.
2. Confusion: There was some confusion among the public about which notes were still legal tender after the redesign.
3. Inconvenience: The redesign caused some inconvenience for businesses and individuals who had to replace their old notes with new ones.
Overall, the redesigned naira notes have had a positive impact on the Nigerian economy. They have made the currency more secure and durable, and they have improved the aesthetics of the notes. However, the redesign was also costly and caused some confusion among the public.
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