The Nigerian Security Printing and Minting Plc, printer of the nation’s currency, has said that there is nothing wrong with the new Naira notes staining white surfaces.
NSPM stated this in a press statement issued on Friday following widespread concerns over the quality of new notes released by the CBN.
Social media is awash with various video clips by Nigerians who are concerned that the new redesigned notes lack the high-quality features of the old notes.
A particular clip shows a Nigerian demonstrating how the new notes stain a wet white handkerchief when rubbed against each other.
However, the Managing Director of NSPM, Ahmed Halilu, in his statement on Friday, said there was nothing wrong with the new notes.
He said, “The attention of the Nigerian Security Printing and Minting Plc has been drawn to various clips, skits, concerns and comments on various platforms regarding the quality of the redesigned banknotes that were recently unveiled and issued by the Central Bank of Nigeria.
“As the nation’s foremost security printing and minting company saddled with the responsibility of producing the country’s currency (naira), we find it expedient to address the salient issues and further enlighten Nigerians on the 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 Central Bank of Nigeria since 2014. Indeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.”
“We want to inform all Nigerians that the new naira notes are of the 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 to give a tactile feeling of the portraits as well as other raised prints by way of design.”
The new Naira notes will be the only legal tender in Nigeria by January 31, 2023. Nigerians have to get rid of their old naira notes in exchange for the new notes by then.
However, all the banks are still paying the old notes over the counter and are still stocking their ATMs with the old notes.
This would suggest that the banks still do not have access to the new notes. With this development, it is uncertain if the deadline of the end of this month will work for total removal of the old notes from circulation as planned by the CBN.
