Don’t subject new naira notes to futile experiments, FG warns

From Uche Usim, Abuja

The Nigerian Security Printing and Minting (NSPM) Plc, on Friday, reiterated that the recently-released new naira notes were of same quality with the current ones in circulation, warning skit makers and the public to desist from subjecting them to crude experiments just to prove otherwise.

The Managing Director of NSPM PLC, Ahmed Halilu gave the warning in a statement he personally signed, noting that the establishment has been meeting the currency needs of the Central Bank of Nigeria (CBN) since 2014 due to its improved capacity.

“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. One of the properties of intaglio inks is non-solubility in water and ease of transfer (light stain) on plain white materials owing to the size of the particles. This is generally a security feature of all banknotes that easily differentiates them from forged or counterfeit notes.

“The naira is our legal tender and national symbol. We, therefore, urge Nigerians and other users of the naira banknotes not to subject our banknotes to experiment in order to prove a point”, Halilu stated.

He added that the best international practices have been deployed in the production of the new naira notes, adding, “we shall continue to ensure that it meets international standards”.