President Muhammadu Buhari on Wednesday boasted that Nigeria is among four of the 54 African countries that print their currencies locally.
He said when he unveiled three redesigned naira notes earlier proposed by the Central Bank of Nigeria (CBN), adding that it is a thing of pride that Nigeria does not print its currencies abroad like many African countries.
While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries and Nigeria is one. And majority of African countries print their currencies abroad and import them the way we import other goods.
That is why it is with immense pride that I announce that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC.
The President said the naira redesign was borne out of urgent need to take control of the currency in circulation, counterfeiting of high denomination naira notes, amongst others.
He said it is on that basis that he gave his approval for the redesign of the 200 naira, 500 naira and 1,000 naira bank notes.
The unveiling marked the first time in 19 years Nigeria will be redesigning its currency notes.