Should The Naira Redesigning Project Be Revisited?

I hear the CBN Gov. Mr Lamido Sanusi made a case for the revisit of the suspended naira redesigning project when he appeared before the House of Representatives Committee on Banking and Currency in Abuja.

The CBN governor was invited to the house to explain the source of the fake naira notes allegedly being dispensed by the Automated Teller Machines of some commercial banks. In response to that, Lamido said it was “rare” for the machines to dispense fake notes. Sanusi argued that ATMs were fitted with censors and processors designed to detect fake currencies.

“But with ATMs, it should not happen because they have been processed and we will be very pleased to know if there are specifics about any bank so that we can draw their attention on the importance of processing the notes before putting them in the machines”, he added. To address issues surrounding counterfeiting, the CBN governor said the idea of the redesigning and restructuring of the naira was to change its outlook and make it difficult for criminals to counterfeit different denominations of the currency.

Do you think it is necessary?