By Iffy,
Less than 24hrs since the announcement by the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, at a press briefing, confirming the approval for change of the Nigerian currency, the CBN has swung into action on redesigning the currency Naira, with a view to take control over the circulation and the integrity.
This recent development has stormed mixed reactions from all quarters, questioning the intent and sudden decision at such a time when the country is faced with more pressing issues.
However, Emefiele in response pointed that;
“The bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.”
“Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.”
According to him, the new notes will be released for public use on December 15, 2022, adding that;
“The old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.
Recall in September, President Muhammadu Buhari endorsed the appointment of Ahmed Halilu as Acting Managing Director of Nigerian Security Printing and Minting Company, NSPMC Plc, following the resignation of Abbas Masanawa on May 16.
This appointment came to, after the recommendation by Emefiele, who serves as the NSPMC board chairman.
Halilu who has over 23 years of experience in the Banking industry, was a participant in Senior Executive Course 39, 2017 of the National Institute for Policy & Strategic Studies in Kuru, Jos.
He holds a Bachelor’s degree in Agriculture B. (Agric), a master’s degree in Business Administration as well a master’s degree in International Affairs & Diplomacy all from Ahmadu Bello University Zaria, and ranks as an astute member of the Nigerian Institute of Management, NIM.
NSPMC, is responsible for printing banknotes and the postal orders of Nigeria, as well as some electoral materials for the Independent National Electoral Commission (INEC).
The company, also referred to as The MINT, was established in 1963 by the Nigerian government in partnership with De La Rue of the UK and is under the Central Bank of Nigeria.
It began full operation in 1965, producing currency notes and coins for the CBN as well as a wide range of security documents for the government, commercial banks, and blue-chip companies, among others.
