*Ahmed A. Halilu, Managing Director/Chief Executive of the Nigerian Security Printing and Minting Plc, explains the production of new Naira notes as the country鈥檚 national symbol meets the international practices, assuring the Nigerian consumers the firm will continue to ensure the currency meets global standards

Gbenga Kayode | 绿帽献妻

The Nigerian Security Printing and Minting (NSPM) Plc says its attention has been drawn to various clips, skits, concerns and comments on various platforms regarding the quality of the recently redesigned banknotes, which were unveiled and issued by the Central Bank of Nigeria (CBN).

Ahmed A. Halilu, mni, Managing Director/Chief Executive of NSPM, in a statement issued Friday, January 6, 2023, and made available to 绿帽献妻, said as the country鈥檚 foremost security printing and minting company saddled with the responsibility of producing the Nigeria鈥檚 national currency, Naira, the firm found it expedient to address the salient issues and further enlighten Nigerian consumers on the features of the Naira.

Halilu stated that most important is the need to clarify the growing misconception about the quality of the new Naira notes in circulation.

The NSPM Managing Director said: 鈥淭he NSPM Plc has been meeting the currency needs of Nigeria with the support of the Central Bank of Nigeria since 2014.

鈥淚ndeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.

鈥淲e want to inform all Nigerians that the new Naira notes are of the same substrates and passed through the same printing processes and finishing procedures.鈥�

According to Halilu, the new banknotes are basically, the same as the other notes in circulation, and they also leave traces of intaglio inks when rubbed on plain white surfaces.

鈥淚t is, however, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.

鈥淚n addition, the second stage of currency printing (Intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design,鈥� he also stated.

Key features of new banknotes

Explaining the unique features of the redesigned Naira notes, Halilu as well disclosed one of the properties of intaglio inks is non-solubility in water and ease of transfer (light stain) on plain white materials owing to the size of the particles.

He noted this is generally a security feature of all banknotes that easily differentiates them from forged or counterfeited notes.

The NSPM Chief Executive stressed that the 鈥淣aira is our legal tender and national symbol.

鈥淲e, therefore, urge Nigerians and other users of the Naira banknotes not to subject our banknotes to experiments in order to prove a point.鈥�

Halilu assure all Nigerians that best international practices have been deployed in the production of our national symbol, the (Naira), and we shall continue to ensure that it meets international standards.

About NSPM Plc

绿帽献妻 reports the Nigerian Security Printing and Minting Plc is the Nigerian banknote printer and mint, located in both Abuja and Lagos, and it is majority-owned by the Nigerian Government.

Besides to printing the banknotes and the postal orders of Nigeria, the NSPM Plc has struck some of the country鈥檚 coins, and also prints stamps.

It is also noted that the Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation.

The Banker鈥� Bank controls the volume of money supply in the economy in order to ensure monetary and price stability.

The Currency and Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of banknotes and coins in the West African country.

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