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Central Bank of Nigeria Reacts to Widespread Criticism.

Somto NwanoluebySomto Nwanolue
November 30, 2022
in News
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Non-oil exports rise $1.79b as CBN rebates N81b
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The Central Bank of Nigeria has reacted to widespread criticism about the new naira notes being only redesigned in colour, in a statement saying that the change of ink “is in itself a security feature.” 

The CBN authorities had also claimed that the apex bank had no time to execute a broad redesign, claiming that it had only planned to tackle an identified problem.

Ahmed Umar, the CBN’s Director of Currency Operations, disclosed this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation, NDIC.

Umar, represented by the Head of Policy Development Division, Currency Operations Department of the apex bank, Amina Halidu-Giwa, had remarked that the redesigned N200, N500 and N1,000 banknotes had only appeared “simple” because the bank had limited timeframe to redesign them.

The Director also added that the central bank had no plan to introduce N5,000 notes as is being speculated.

Tags: Central Bank of NigeriacriticismReactsWidespread
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

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