Naira Redesign: Why new notes stain white surfaces – NSPM

The Nigerian Security Printing and Minting Plc (NSPM) has addressed concerns raised by the public about the quality of the redesigned naira notes.

In a statement on Friday, January 6, NSPM’s managing director, Ahmed Halilu, said the company’s attention had been drawn to various concerns and comments on diverse platforms regarding the quality of the redesigned notes.

Halilu clarified that the new naira notes passed through the same printing processes and finishing procedures as the old ones.

Shedding light, he said, “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.”

He explained 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,” he said.

The NSPM, also referred to as the Mint, was contracted by the Central Bank of Nigeria (CBN) in 2014 to print the Naira in order to end years of importation of the notes.

Since then, Halilu said, “Nigeria has achieved zero importation of currency, developed local capacity, and to an extent, conserved foreign exchange within this period.”

The Governor of the CBN, Godwin Emefiele, had on October 26, 2022, announced the institution’s plan to redesign the N200, N500, and N1,000 notes.

It directed that the old notes would cease to be legal tender by January 31, paving way for the redesigned notes.

In a recent Twitter post, the CBN advised Nigerians to ensure they deposit all the N200, N500, and N1,000 banknotes in their possession before the January 31, deadline.