The Central Bank of Nigeria (CBN) has identified limited time to tackle the problems of counterfeiting and hoarding of currency as the reason for the simple appearance of the redesigned naira notes.

According to ICIR, the Director of Currency Operations, CBN, Ahmed Umar, made this known at a workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt, Rivers State, on Tuesday, November 29.Information Guide Nigeria

The director, who was represented by the Head of Policy Development Division, Currency Operation Department of the apex bank, Amina Halidu-Giwa said,

“We want to solve a problem and we have limited time to do that,” he said.JAMB Result

“Redesigning is about change of colour or size. The ink itself is a security feature.”

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ICIR reports that Umar further explained that redesign of the naira notes was long overdue as the N1000 notes had been in existence for 17 years, N500 for 21 years and N200 for 22 years.NYSC portal

Umar said, “Naira redesign will also help in reducing cash management expenditures, give visibility and control and would help the bank to know the volume of money in circulation,” Umar said.JAMB portal

”It will also help in fighting counterfeiting and money laundering.”

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