President Muhammadu Buhari on Wednesday said it will be difficult for currency counterfeiters to fake redesigned higher denominations of the naira note.
This, according him, was due to how the new N1000, N500, and N200 notes were fortified with security features.
Buhari said:
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“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit.”
The President, according to a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, expressed delight that the redesigned notes were produced locally by the Nigerian Security Printing and Minting (NSPM) Plc.
He explained that besides the fact that the exercise was overdue, there was the need to take control of the currency in circulation.
He added that the new notes would help the Central Bank of Nigeria (CBN) design and implement better monetary policy objectives.
The President commended the CBN Governor, Godwin Emefiele, and his deputies for the initiative.
He also lauded the NSPM Plc management “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new naira notes within a comparatively short time.”
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