Why new coins, notes bear no Arabic inscriptions
 

From Adamu Abuh, Kano
Quoted from the Guardian
16.02.07

With the stage set for the re-introduction of lower denominations of coins and notes, the Governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo, has given an insight into the rationale for using local languages instead of Arabic inscriptions on the new denominations.

The redesigned notes and coins will be in circulation from February 28.

At a grassroots sensitisation forum on the new notes held at the Kano branch of the CBN yesterday, Soludo said the quest to promote national literacy in Nigeria's major languages informed the decision to drop Arabic inscriptions from the denominations.

He also said that the choice of the three major local languages on the redesigned notes and coins was aimed at strengthening national unity.

The repackaged notes of N5, N10, N20 and N50 have their values translated into Hausa, Igbo, and Yoruba languages.

Also, the redesigned coins of N2, N1, and 50 kobo denominations which are more convenient to carry will be introduced through the commercial banks on the same day.

The decision by the CBN to remove the Arabic inscription, which was conspicuous on the existing denominations, has attracted harsh comments from a section of Nigerian Moslems, who deemed the action an affront to the Islam.

But the CBN chief, who discountenanced the notion, said government's decision was not informed by any religious sentiment. The Federal Government, he added, has no disdain for the Arabic Language, in which the Holy Quran is written.

Soludo said: "It is not eliminating Arabic inscriptions; it is re-writing the Hausa language in a form that everybody will be able to read. What is written in Hausa can be read by every other Nigerian who is not Hausa.

"The Hausa inscription has not been scrapped. It is only that it has been written out, the Igbo one is also written out, the Yoruba one is equally written out. That is the only change and it is part of the promotion of national unity and national literacy in our various languages."

The CBN chief said the new notes, made of polymer, and coins would ease business transactions among Nigerians.

On the benefits of introducing the new coins to the economy, Soludo said: "Prices move in multiples of N5, now you could have a price of something for N57.50 kobo, N58.50 kobo and you get your balance back. But before, you could only have N67, N65. All Nigerians should go back to the use of coins."

He said that the change of the national currency 23 years after the last exercise was in line with international practice, which aims to check counterfeiting of the country's medium of exchange.

Though Soludo declined to reveal the cost of producing the fresh notes and coins, he noted that the measure would save the country at least 60 per cent of the cost of minting coins.

He added that the nation would enjoy a cost reduction of between 42 to 58 per cent in the amount spent on currency production.