Soludo urges Nigerians to patronize new coins
February 20th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The Governor of the Central Bank of Nigeria, Prof. Charles Soludo, urged Nigerians to patronise the new naira coins, which would be in circulation as from February 28.
He made the call at the inauguration of the bank‘s grass- roots sensitization campaign on the new coins and the re-designed naira notes.
Soludo said the re-designed 50 kobo and N1 coins as well as the newly- introduced N2 coin would make business transactions easier, particularly among petty traders and their customers.
He advised Nigerians to go to commercial banks on the appointed date and obtain the new naira notes and coins. He also said that banks will be given adequate supply of the new money, but people should be ready to accept them. The CBN governor also said that the re-designed N5, N10, N20 and N50 notes were printed in such a way that they would not be easily torn or destroyed by water.
“The coins are light and user-friendly,‘‘ he added. Soludo noted that the new money, with lower cost of production, was introduced to enhance the security of the nation‘s currency notes and cut the cost of their production.
He explained that the value of the re-designed naira notes was written on them in the three main Nigerian languages – Hausa,Yoruba and Igbo.
This was done to promote literacy and unity among Nigerians.
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