It’s difficult to fake new naira notes, says Buhari – Newstrends
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It’s difficult to fake new naira notes, says Buhari

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The new naira notes have been fortified with security features that will make them difficult for currency counterfeiters to fake, President Muhammadu Buhari said yesterday.

Unveiling the new N1000, N500 and N200 bills shortly before the weekly Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja, the President gave reasons for his approval.

He said besides the fact that the exercise was overdue, there was the need to take control of the currency in circulation.

He said features of the new notes would make them tough for fraudsters to counterfeit.

The President, according to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, expressed delight that the redesigned notes were produced locally by the Nigerian Security Printing and Minting (NSPM) Plc.

“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit,” the President said.

He added that the new notes would help the Central Bank of Nigeria (CBN) design and implement better monetary policy objectives.

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The President, who commended the CBN Governor, Godwin Emefiele, and his deputies for the initiative, also lauded the NSPM Plc management “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new naira notes within a comparatively short time.”

Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes between five and eight years, Buhari noted that it is now almost 20 years since the last major redesign of the local currency was done.

He said: “This implies that the Naira is long overdue to wear a new look. A cycle of note redesign is generally aimed at achieving specific objectives, including, but not limited to: improving security of notes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

“As is known, our local laws – specifically the CBN Act of 2007 – grants the apex the power to issue and redesign the naira.

“In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the central bank.

“There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination naira notes. It is on this basis that I gave my approval for the redesign of the N200, N500 and N1000 notes.

“While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.

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“That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in NSPM) Plc,’’ he said.

Emefiele thanked the President for his unwavering support for the redesign and distribution of the new notes, which, he said, will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

He also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.

Appreciating the President for his insistence that the initial notes must be designed and produced locally, Emefiele said it was a renewal of confidence in the NSPM Plc.

He said: “Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today.”

The CBN boss listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.

Benefits of the new bills

• Control of inflation
• Bringing hoarded cash back into banking system
• Strengthen monetary policy
• Increased financial inclusion
• Encouraging cashless economy
• Promoting anti-corruption fight

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Finally, NERC unbundles TCN, creates new system operator

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May 4, 2024

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Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”

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Naira depreciates again, trades at N1,402/$

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May 3, 2024

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Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.

However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

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May 1, 2024

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Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

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