Amid Scarcity Of New Naira Notes, NSPM Vouches For Quality Security Features, As CBN Orders Stoppage Of O-T-C Withdrawals
The Nigerian Security Printing and Minting (NSPM) Plc, the company responsible for producing Nigeria’s currency, has explained why the new Naira notes leave ink when rubbed on plain white.
The company in a statement signed by the Managing Director, Ahmed Halilu highlighted this when addressing concerns by Nigerians on the quality of the redesigned notes.
NSPM notes that the same material was used in producing the new notes and the old ones, whilst adding that both passed through the same printing processes and finishing procedures.
However, amid frustrations by the general public on the scarcity of the new notes, the Central Bank of Nigeria (CBN) has ordered Deposit Money Banks to immediately stop the payment to customers who are making over-the-counter withdrawals.
CBN, instead, directed that the banks should load their Automated Teller Machines (ATMs) with only new notes to ensure that the currency circulates across the country ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.
According to a report from Punch, this directive is contained in a memo issued by the CBN to the banks on Wednesday, where it ordered that the implementation of this must commence immediately.
A memo within one of the banks directing compliance with CBN’s directive and titled, “Urgent update on currency redesign’ and signed by the Group Head, Retail Operation, stated that, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 & N1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals.
“This is effective immediately please.”
But, further investigations show that even the banks are complaining of inadequate supply of the new notes, leading to non immediate compliance with CBN’s directive.
As at the weekend, most of the ATMs visited were still dispensing old notes.
However, part of the NSPM statement, vouching for the high quality security features of the new notes said:
“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.”
NSPM stated that it has been meeting the currency needs of Nigeria with the support of the CBN since 2014, adding that Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.
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“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.
“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.”
