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The Central Bank of Nigeria has noted that there is no plan to print the redesigned naira notes outside the country.
This was made known by the Central Bank of Nigeria (CBN) Board member on Thursday in Abuja.
According to CBN Governor, Godwin Emefiele, the N1000, N500 and N200 will be redesigned as part of measures to tackle counterfeits notes and some other vices in the country.
There were speculations flying around that the redesigned notes will be printed outside the country but the board member has now dismissed the story.
“All the new currency notes are printed in Nigeria by the Nigeria Security, Printing and Minting Company (NSPMC), so I do not envisage printing outside the country,” the Board member told pressmen in confidence.
He, however said that he has no idea of the cost for printing the new currencies for now. But he assured that the cost is “something that can be accommodated in view of the expected benefits of the re-designed notes”.
Making clarifications on the gap in communication between the CBN and the minister of finance on the decision to redesign some denominations of the naira, the CBN Board member insisted that “the CBN Governor did not take the decisions on currency redesign alone”.
According to the Board member, “at present, the Board of the CBN has not been inaugurated even though the Senate has confirmed the re-appointment of the members. Until the Board is inaugurated, it cannot sit”.
He went on to add that “in the interim, the President who is the Supervisor of the CBN, acts on behalf of the Board. This is why the Governor went directly to the President for approval of the redesign.
However, Nigeria’s president Muhammadu Buhari has backed the redesigning of the naira notes that will go into circulation from December 15th.