Redesigned new notes stain white surfaces, NSPM spills

The Nigerian Security Printing and Minting,NSPM Plc has decided to highlight some of the redesigned new naira notes features’ in order to sensitise Nigerians who have expressed concern about the quality of the notes.

According to a statement issued out and signed by Ahmed Halilu, the Managing Director of NSPM, on Friday, the company stressed out the need to enlighten various Nigerians on the features of the newly redesigned Naira notes.

In the statement which reads partly, “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.”

GodWin Emefiele Who is the CBN Governor, had on October 26 declared the plans to redesign N200, N500 and N1,000 naira notes. He stated it would take effect starting from the 15th of December, 2022 and Nigerians have till 31st of January, 2022, to exchange their old naira notes in their respective banks.