The Central Bank of Nigeria (CBN) said on Monday that market forces would decide how far it would go on in its proposed currency restructuring policy.
At a media briefing in Lagos, the director of CBN Corporate Communication Department, Mr Ugochukwu Okoroafor, said the bank only wanted to manage the level of currency in circulation by the plan
Okoroafor said that against all objections, the proposed naira restructuring would save CBN N7 billion from printing smaller currency denominations.
He said that CBN would ensure that the proposed naira note was not easily counterfeited by introducing flawless security features in it.
He added that “one of the features is that the visually impaired will be able to differentiate the note from others“ easily.
He said that the design of the proposed naira note was totally ‘Nigerian’ as it was “a reversal of the way patents were done in the past.''
Okoroafor said: “CBN does not operate in vacuum. We operate to serve Nigerians. Currency restructuring is done in other clime.“
He debunked the allegation that N40 billion would be used by CBN to print the new note and promised that the bank would publish the amount used in the past on printing new notes. (NAN)
