The new currency: why change the currency notes?

 

 

Central Bank of Nigeria, 2007

 

In line with international best practice, countries review their currency structure every 5 -8 years. Nigeria has not reviewed her currency structure since 1984.

 

The N5, N10, N20 and N50 notes have been redesigned:

  • To make them more secure.

  • To make them last longer in circulation and look cleaner. The N5, N10, and N50 paper notes have been varnished on both sides, while the N20 note is printed on polymer, which is plastic in nature. The N20 note does not tear easily and is not soiled easily. Do not expose it to heat.

  • To reduce the cost of replacing dirty notes. The reduction in cost will free resources that could be used for other commitments.

  • The make currency notes smaller in size and fit easily into wallets.

 

Why Introduce New Coins?

  • No society can do without coins because coins facilitate transactions.

  • The old coins were big and heavy, and therefore not frequently used in transactions.

  • They have now been made lighter in weight and smaller in size; they are more convenient to carry.

  • Change will be available for all your transactions.

  • You can now insist on having your change in your daily transactions.

  • Cost of items such as sweets, kolanuts, biscuits, matches, etc. is now simplified into small units of 50 kobo, N1 and N2.

  • Rounding up of prices to the nearest banknote denomination will no longer be necessary.

 

How Do We Identify The New Currency Notes?

  • In the watermark, the eagle is replaced with CBN logo and letters “CBN” in a vertical format which can be seen more clearly when the notes are held up against light.

  • The watermark on the N20 note is replaced with a clear window which is a transparent part of the note in the shape of CBN logo. The letters “CBN” are adjacent to the window and are clearly visible from both sides of the note when held against light.

  • On the N20 note, there is an oval-shaped, green coloured area in the lower part of the window. When the note is tilted, the colour changes from green to gold.

 

Front

  • The existing portraits on the N5, N10, N20, and N50 notes have been retained.

  • A special symbol at the top left corner provides a distinctive feel for the blind to assist in recognizing the notes.

  • There are vertical and horizontal serial numberings on the notes.

  • A light blue metallic stripe runs down the N50 note.

 

Back

  • The new notes have translations of their value into Hausa, Igbo and Yoruba.

  • All the new notes have a map of Nigeria.

  • The portrait of traditional dancers is retained on the N5 note.

  • The portrait of milk maids is retained on the N10 note.

  • The new N50 note has the images of fishermen.

  • The new N20 polymer note has the portrait of Ladi Kwali, a famous potter.

 

The New Coins

  • They are light, portable and convenient to carry.

  • The N2 coin has two colours, red and silver; and the portrait of the National Assembly on the front.

  • The N1 coin also has two colours, silver and gold; and the portrait of Herbert Macaulay on the front.

  • The 50 Kobo coin is silver in colour and has cobs of maize on the front.

  • All the coins have the Nigerian Coat of Arms on the back.

 

Handle Your Notes And Coins With Pride

  • The National currency is a symbol of our identity and value; therefore handle the Naira with respect.

  • Use wallets and pouches to store up your currency notes and coins to make them last longer.

  • The new currency will go into circulation on February 28, 2007.

  • You can exchange your genuine old currency at the exchange counters that will be set up in all the DMBs branches.

  • The Central Bank of Nigeria will establish exchange counters in all its Branches for the DMBs and its other customers.

  • Fellow citizens, respect your national identity; be patriotic and handle your currency well.

 

 

 

 

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