Gombe merchants have been educated by the Central Bank of Nigeria on the value of adopting the new currency notes and the importance of understanding their fundamental security characteristics.
The Senior Manager of the Currency Operations Department, Shamsudeen Imam, stated during a one-day awareness program on Tuesday at the Gombe International Market that the currency change was a wise decision that would have a positive impact on the economy.
Imam stated the following when discussing the fundamental security features for the new naira notes: “Some counterfeiters find it difficult to counterfeit some features. The issue of colour; if you are carrying an original currency if you use handkerchief the colour will come out; it means that currency is original but if it is fake if you put handkerchief, the colour will not come out. The watermark is basic another basic security feature.”
He claimed that other nations’ do so every five years.
“Globally, currencies are designed every five to eight years but for Nigeria, it is long overdue. Some of our currencies have stayed for 14 to 20 years, so it is the right time to redesign our currency.”
Imam cited a number of reasons why the shift in currency was significant and claimed that they will enhance the nation’s monetary policy.
He said, “The transmission mechanism, we use money supplied to transmit our monetary policy. The CIC is a component of monetary policy so definitely our monetary policy mechanism will be very effective. It will improve our financial inclusion drive, as it will push a lot of people to open account because we can’t carry cash to a bank and carry cash. You need to open an account and as a result, more people will come into the financial system.”
He disagreed that the deadline had passed and that the sensitization was rather late. “it is not coming late because sensitisation has been on local radio stations.”
Shehu Goringo, CBN’s branch controller, said: “We encourage the banks to issue out the new currencies. It is fully fortified with security features and I don’t think it can be faked.”
In response to a query on a possible date postponement due to a scarcity of the new currency as a result of the circulation of old notes, Goringo ruled out such a possibility.
He said, “There is no shortage, we have and we are moving it out. All I know is that we have a deadline that is 31st January.”
Additionally, Adamu Manga, general secretary of the Gombe State Traders Association, praised the initiative.
Manga claimed that the rule would guarantee rational corporate practices.
“We are in a modern society there is no basis to say you don’t have account number, when you have a phone,” Manga said.
