The Central Bank of Nigeria (CBN) has insisted that January 31, 2023, remains the deadline to deposit old N200, N500 and N1000 banknotes, but the new banknotes are not faultless.
FIJ found that Nigerians have withdrawn some of the new banknotes with physical irregularities. This is yet another challenge with the new notes which ought to be in full circulation in less than nine days.
Banks recently said that the new N200, N500 and N1000 banknotes were scarce.
Nigerians have now shared pictures of some new banknotes with inconsistent qualities.
The Nigerian Security Printing and Minting Plc (NSPMP), or the MINT, as NSPMP is known, has been responsible for the production of local currency notes since it was introduced in 1965. It prints and mints currency tokens on behalf of the CBN.
The MINT has claimed that the naira notes are among “the most secure in the world, with features that are almost impossible to replicate outside of our production systems”.
Currency imitators create counterfeit banknotes utilising scanning and printing techniques with varying resolutions. A small percentage of counterfeit banknotes will require light-based examination and authenticating machines to detect them, but most will need careful probing with the naked eye.
A number of complainants believe that the distribution of the new banknotes is rushed, hence the poor quality.
Be the first to receive special investigative reports and features in your inbox.