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President Goodluck Jonathan has unveiled the new N100 centenary note on November 12, but Nigerians are worried about the cost of printing a new note when the revenues of the country is declining
| By Fidelia Salami | Nov. 24, 2014 @ 01:00 GMT |
TEN months after Nigeria ended activities marking her 100 years anniversary in January, the Central Bank of Nigeria, CBN, launched a new N100 Centenary note. The unveiling took place amidst criticism by Nigerians over the cost implications and rationale of printing new naira note when the revenue of the country is declining. President Goodluck Jonathan who formally unveiled the specimen of the first digital Centenary N100 note at the Presidential Villa, Abuja on Wednesday, November 12, also observed that the event came late although he lauded the CBN for coming up with the commemorative note.
At the short ceremony which was held during the weekly federal executive council, FEC, meeting which had in attendance Namadi Sambo, vice-president, Godwin Emefiele, governor of Central Bank of Nigeria, CBN, explained that the new note was produced with the most advanced security features in the world to offer robust resistance against counterfeiting.
The new note is designed with security and durability features to make it last in tropics. The features of the new note are a two-sided inter-glow barriers, both at the front and the back; a rich cultural heritage which makes it attractive to the public. The new note, which also has a raised and embossed line in front for the visually impaired, is due to be officially issued into circulation on Friday, December 19.
Emefiele explained that the new note has public authentication features on the front side, window micro-optics, showing the national flag and numeral 100 indicating the value of the denomination and the attainment of the centenary period. The second feature is a spark of a rolling manila bar which was the instrument used during the slave trade era. A portrait of late Obafemi Awolowo which was in the old note is also retained in the new one.
At the back of the new note, the CBN introduced a feature called Quick Response Code, QRC. It is a feature that highlights all the information about the centenary. The QRC is an application found on the smart phone or iPad. Once the barcode on the back of the note is scanned it shows the President’s face and then comes up with all information on Nigeria’s history.
According to Emefiele, on Wednesday, November 19, the notes would be sent to banknote equipment manufacturers and other machine suppliers to enable them adapt to machines and authentication devices. On November 26, a publication of the new N100 bank note would be sent to commercial banks, chambers of commerce, Nigeria Police, cash in transit companies and others. On Wednesday, December 3, leaflets on the N100 bank note would be sent to 1, 000 Point of Sales, PoS, in the country, including a reminder about adapting machines and devices, while a film showing the bank note would appear on the CBN YouTube on Wednesday, December 17.
At the ceremory, Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, spoke the minds of many Nigerians when she sought to know how much it would cost to print the new note. But the president precluded an answer when he said that it would be discussed at the FEC meeting. While commending the CBN, the minister described the new digital note as a smart move and specifically lauded the QRC feature on the back of the note. The code, if scanned with iPhones and iPads, leads users to a website where the nation’s history could be accessed.
Although Realnews could not ascertained the amount the CBN would spend in printing the new note and whether it would be done locally. Some Nigerians, who spoke with Realnews criticised printing the new centenary note as another waste of money. Cyril Omigie, a computer vendor, said that it would have been a good idea to inject new features into the face of the N100 centenary but that the CBN should have considered the cost implication of doing such a project at a time many Nigerians are poverty stricken.
The new note was issued to commemorate the 100 years of the amalgamation of the southern and northern protectorates to form Nigeria. Four years ago, a commemorative N50 note was also introduced to mark the nation’s 50th independence anniversary. Countries before now who issued currencies to mark epochal events include Morocco, Russia and Costa Rica, among others.
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