Mint speaks on new naira notes, allays fears on quality

The Nigerian Security Printing and Minting (NSPM) Plc says the redesigned naira notes were of the same quality with other denominations in circulation.

The NSPM stressed that it has been meeting the currency needs of Nigeria with the support of the Central Bank of Nigeria (CBN) since 2014.

The company, however, warned skit makers and others in the country to desist from subjecting the redesigned naira notes to crude experiments.

The NSPM gave the warning via a statement issued on Friday by its Managing Director, Ahmed Halilu.

Halilu stated: “Indeed, 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.

“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.”

The NSPM boss, therefore, assured Nigerians that the best international practices have been deployed in the production of the new naira notes, adding that the company will continue to ensure that it meets international standards.

The Star