On the heels of a new N50 commemorative note, the Central Bank of Nigeria (CBN) announced its plans to redesign the country’s banknote series this year.
Citing the new design as a way to reduce costs and enhance security, the currency changes mark the first full banknote overhaul in the African country since 1973 when the naira (the Nigerian banknote) replaced the pound as the currency system.
Over the past ten years new notes have been introduced – such as a new N100, N200 and N500 note to accommodate new portraits and new N5, N10 and N50 notes introduced into circulation in 2007 – but never a complete series.
As a way to keep up with changing markets, to keep ahead of counterfeiters, and to reduce costs across the board, the CBN says the new series will be released on polymer substrate and include new security features.
The current naira notes include many popular security features found on banknotes around the world. Intaglio printing, security threads and watermarks are among the leading security devices found on the currency right now.
The notes also contain embossed letters and numerals, microprinting and ultraviolet serial numbers.
Though the new CBN series was announced this week, officials haven’t specified when production will begin, when the new notes will be introduced into circulation, or what kind of new security features the notes will hold.