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President Umaru Yar’Adua on Wednesday in Abuja formally launched the redesigned lower naira denominations of N5, N10 and N50 notes, praising the currency restructuring programme of the Central Bank of Nigeria (CBN), which gave rise to the redesigning of the banknote denominations and coins.

On the occasion shortly before the commencement of the weekly Federal Executive Council meeting, he said the redesigning of the lower naira denominations represented a comprehensive reform strategy aimed at enhancing the efficiency of the currency structure.



“I am informed that the reform process resulted in huge cost-saving arising from the reduction in the size of the notes and streamlining of their security features. The highlight was the printing of the N20 denomination on polymer substrate to test its durability and acceptance, the first time in the history of banknote printing in Nigeria that an experiment with a substrate other than ‘cotton’ paper was carried out,” he stated.

The president explained that the approval given for the conversion of the N5, N10 and N50 notes to polymer substrate was informed by the strength and durability of the N20 note, which was the only note printed in polymer substrate in 2007 and its acceptance by the public.
“The denominated expediency of adopting the polymer substrate in banknote printing informed my approval of the conversion of the other lower banknote denominations in October 2008 on the recommendation of the board of the Central Bank of Nigeria,” he further pointed out.
While commending the governor, board and management of CBN for the initiative, he urged the public to embrace the campaign to halt the abuse, which the naira had been subjected to over the years, adding “this campaign would no doubt be greatly enhanced by the introduction of the more durable polymer notes.”

President Yar’Adua also commended the Security Printing & Minting (NSPM) Plc, which was involved in the printing of the new polymer notes, expressing the hope that the firm would in no distant future realize its full potential capacity.

“By the time the polymer substrate is produced in this country in the long run, there is no overstating the benefit to Nigeria, as self-sufficiency in currency production which indeed is the ultimate objective of this administration, would have been fully actualized,” he added.
Earlier, while presenting the new notes to the president, the Governor of CBN, Mr. Sanusi Lamido Sanusi said the redesigned notes were in conformity with international standard.
He explained that the old notes would exist alongside the new polymer notes for six months before they would be phased out.