Business

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

Published

2 years ago

November 24, 2022

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.

READ ALSO:

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.

READ ALSO:

“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

Related Topics:Buhari Featured Naira Notes

Up Next

Wife Stabbed Hubby To Death For Making Move For Sex

Don't Miss

Nasarawa police invade baby factory, rescue victims, arrest suspects

Aviation

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

Published

53 mins ago

November 14, 2024

Trends Admin

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.

The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.

All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.

A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.

Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.

The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.

“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.

“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.

“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”

Business

NNPC achieves 1.8mbpd crude oil production

Published

1 hour ago

November 14, 2024

Trends Admin

NNPC achieves 1.8mbpd crude oil production

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

READ ALSO:

He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.

He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

NNPC achieves 1.8mbpd crude oil production

Business

FG gets fresh $134m loan from AfDB for agric projects

Published

2 hours ago

November 14, 2024

Trends Admin

FG gets fresh $134m loan from AfDB for agric projects

The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.

This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.

Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.

The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.

He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.

Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.

He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.

READ ALSO:

The minister said recently, government supported 192,095 rice, maize, sorghum/millet, soyabean and cassava farmers under the 2024 wet season across the 37 States including the FCT.

He said Cross River was leading 16 other states in wheat production, adding that over 3000 wheat farmers have been listed to benefit from the support to grow the grain.

Kyari noted the Cross River government’s commitment to wheat production.

He said it informed why the federal government is partnering with the state to kick start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming.

“The 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs.

“This is to cultivate about 250,000 hectares with an expected output of about 750,000 metric tonnes of wheat to be added to the food reserve to reduce dependence on importation of the product and also increase domestic consumption.

“Equally the programme will provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including FCT, with an expected output of about 450,000 metric tonnes,” he said.