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New currency notes, coins to be launched 28 Feb 2007


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New currency notes, coins to be launched Feb 28

• Tuesday, Feb 6, 2007

The Central Bank of Nigeria (CBN) will of February 28 introduce new, redesigned naira notes and Coins into circulation.

 

The launching of the new currency will be performed by CBN Governor Chukwuma Soludo.

 

A source at the apex bank said in Abuja that there was no truth in the allegation that the CBN was withdrawing lower denomination notes from circulation.

 

He insisted that the CBN had no plans to withdraw lower denomination not from circulation and added that the new notes would be used simultaneously with old ones currently in circulation.

 

According to the source, who requested anonymity, the new notes are being introduced to improve the dusability of paper money and reduce cost of currency management.

 

“It is also intended to bring the naira in line with modern design, in terms of size and aesthetics” he added.

 

He said that the new, redesigned notes would be in N50, N20, N10, and N5 denomination while the new coins would be N2, N1, and 50k denominations.

 

The new N20 note will be printed of polymer substrate (plastic) paper, while the new N10 and N5 notes will be printed on vanished paper.

 

“This is intended to preserve their life span and sustain their durability,” the source said.

 

The source stated that the new, redesigned coins will be smaller and lighter, adding “they will be pocket friendly”.

 

He pointed out that the new coins would help the pricing structure in order for Nigerians to get full value for their money.

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The new N20 note will be printed of polymer substrate (plastic) paper, while the new N10 and N5 notes will be printed on vanished paper.

 

“This is intended to preserve their life span and sustain their durability,” the source said.

 

If they print them on "vanished" paper, I rather think the note is either non-existent or soon will be, as in it just might self destruct and "vanish" :ninja:

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  • 1 month later...
Guest Aidan Work

I think he means 'varnished paper'.

 

I wonder if anyone has bought any of the new Nigerian banknotes yet.

 

Eventually,I will get some to add into my big collection of British Commonwealth banknotes.

 

Aidan.

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