The Central Bank of Nigeria (CBN) has explained the reason behind the similarity of the naira redesign and the old notes.
Giving this reason was the CBN’s director for currency operations, Ahmed Umar, represented by Amina Halidu-Giwa, head, policy development division, currency operation department at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt on Tuesday.
Answering questions about the simplification, Umar said the apex bank had limited time to tackle the problem of counterfeiting currency hoarding, among others.
“We want to solve a problem and we have limited time to do that.
“Redesigning is about change of colour or size. The ink itself is a security feature.â€
