In 2019, the Central Bank of Nigeria (CBN) announced plans to redesign the country’s currency, including the Naira notes and coins. The objective of the redesign was to enhance the security features of the currency, promote the usage of coins, and make the notes more durable.
The CBN also indicated that the redesign would feature important national figures, landmarks, and cultural heritage to promote national identity and pride. However, the specific designs and timelines for the redesign process were not disclosed.
Redesigning a country’s currency is a significant undertaking that involves various stakeholders, including the government, financial institutions, security printers, and the public. It is expected that the CBN will engage with these stakeholders in the process of redesigning the Nigerian Naira.
It’s worth noting that redesigning a currency can also have an impact on the economy, including factors such as inflation, exchange rates, and public perception of the currency. Therefore, it’s essential for the redesign process to be well-planned and executed to minimize any negative effects on the economy.
Overall, the Nigerian Naira redesign process is ongoing, and more information is expected to be released by the Central Bank of Nigeria in due course.