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.

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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

Related Topics:Buhari Featured Naira Notes

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Naira opens 2025 on weak note against US dollar

Published

21 hours ago

January 3, 2025

Trends Admin

Naira opens 2025 on weak note against US dollar

The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.

Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.

In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.

The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.

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The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.

One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.

Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.

Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.

Naira opens 2025 on weak note against US dollar

Auto

Jetour attributes Nigeria’s award to customers loyalty, innovation

Published

1 day ago

January 3, 2025

Trends Admin

Jetour attributes Nigeria’s award to customers loyalty, innovation

Jetour has been declared the fastest growing auto brand in Nigeria.

The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).

Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.

Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.

It mainly produces crossovers and Sports Utility Vehicles (SUVs).

The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.

Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.

Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.

The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.

The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.

Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.

The firm celebrates the award on its Facebook page with the following comments:

“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.

“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.

“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”

Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.

Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.

As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.

Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.

National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.

Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.

Business

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Published

2 days ago

January 2, 2025

Trends Admin

Former President of Nigeria, Olusegun Obasanjo

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.

In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.

Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.

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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.

“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.

“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added