If you’re interested in learning about the new Nigerian currency, then you’ve come to the right place. In this article, we’ll cover everything you need to know about it, including its features, history, and significance. Keep reading!
What is the New Nigerian Currency?
The new Nigerian currency, also known as the new naira notes, is a set of banknotes that were introduced by the Central Bank of Nigeria (CBN) in 2020. The new banknotes are part of an effort to improve the security and durability of Nigeria’s currency.
Features of the new currency notes
The new currency features a number of advanced security features to prevent counterfeiting. These features include:
- A see-through window with a portrait of the late Alhaji Aliyu Mai-Bornu and an electrotype of the Nigerian coat of arms
- A spark live area with a hologram strip
- Raised print on the front and back of the banknote
- A watermark of the portrait of Alhaji Aliyu Mai-Bornu
- A security thread that changes color from green to blue when tilted
The new banknotes are also more durable than previous versions, thanks to the use of a polymer substrate instead of paper.
History of the Nigerian Currency
The Nigerian currency, known as the naira, was first introduced in 1973 to replace the pound sterling as the official currency of Nigeria. Since then, the naira has undergone several changes in design and denomination.
The new naira notes were introduced in 2020 as part of an effort to combat counterfeiting and improve the durability of the currency.
Significance of the Nigerian Money
The Nigerian currency is an important symbol of the country’s economy and history. As Africa’s largest economy, Nigeria plays a significant role in regional and global trade. The naira is also an important tool for managing inflation and monetary policy in Nigeria.
Conclusion
In conclusion, this new money represents a significant step forward for the country’s economy and monetary policy. With its advanced security features and durable design, the new banknotes will help to combat counterfeiting and improve the stability of the Nigerian currency. As Nigeria continues to play an important role in regional and global trade, the naira will remain a symbol of the country’s economic strength and history.
