By Our Correspondent
Managing Director of Nigerian Security Printing and Minting PLC (NSPM), Ahmed Halilu, has allayed the fears of some Nigerians on the quality of the new naira notes.
Aliyu gave the assurance in a statement, on Friday, but made it available to The NewsZenith on Saturday.
The assurance is in response to concerns raised by Nigerians about the quality of the new currency notes.
He said the new notes are of same substrates, passed through same printing processes and finishing procedures as old notes.
He, however, admitted that the new notes “leave traces of intaglio inks when rubbed on plain white surfaces”.
“The attention of the Nigerian Security Printing and Minting Plc has been drawn to various clips, skits, concerns and comments regarding the quality of the redesigned banknotes.
“As the nation’s foremost security printing and minting company, we find it expedient to address the salient issues.
“This is to enlighten Nigerians on features of the currency.
“And, most importantly, the misconception about the quality of the new naira notes.
“The NSPM Plc has been meeting the currency needs of Nigeria with the support of the CBN since 2014.
“Indeed, Nigeria has achieved zero importation of currency.
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“It has also developed local capacity and conserved foreign exchange within this period,” the NSPM boss stated.
He explained that the new banknotes were of same substrates and passed through the same printing processes and finishing procedures.
“It is, therefore, basically the same as the other notes in circulation.
“It also leaves traces of intaglio inks when rubbed on plain white surfaces.
“It 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.
“In addition, the second stage of currency printing (Intaglio) requires a heavy deposit of special inks with fairly large particles.
“This is so to give a tactile feeling of the portraits as well as other raised prints by way of design.”
The Apex bank issued the new notes of N200, N500 and N1,000 into circulation on Dec. 15, 2022.
The old notes of the same new denominations would remain in circulation but gradually withdrawn until Jan. 31.
The old notes will ceased to be legal tender on that day.
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