Nigeria has unveiled a new series of banknotes, featuring redesigned images and enhanced security features. The currency redesign, which was announced by the Central Bank of Nigeria (CBN), is aimed at modernizing the country's money and reducing the circulation of fake notes.
The new banknotes, which will be released in denominations of N5, N10, N20, N50, N100, N200, N500, and N1000, feature updated portraits of national heroes and cultural icons. For example, the N5 note now features a portrait of the late musician Fela Kuti, while the N20 note features a portrait of the late politician Obafemi Awolowo.
The redesigned banknotes also incorporate new security features to prevent counterfeiting. These include watermarks, security threads, and tactile features that can be felt by touch. The CBN has also introduced a new signature for the governor of the bank, which will appear on all the new notes.
The currency redesign has been welcomed by many Nigerians, who see it as a positive step towards modernizing the country's money. However, there have also been some concerns about the practicalities of the transition. The CBN has assured the public that the old banknotes will continue to be accepted as legal tender until December 31, 2024, and that there will be a gradual introduction of the new notes to avoid disruptions.
In conclusion, the currency redesign in Nigeria is a significant development that will modernize the country's money and enhance its security. While the transition may present some challenges, it is a positive step towards a more secure and modern economy.