Posted by The Punch on
The Central Bank of Nigeria, on Tuesday, said it would not withdraw the recently introduced N1,000 banknotes following an alleged error detected on the new notes.
The Central Bank of Nigeria, on Tuesday, said it would not withdraw the recently introduced N1,000 banknotes following an alleged error detected on the new notes.
There has been anxiety by the public over the non inclusion of the naira (N) symbol before the 1,000 on the new note.
Reacting to the development on in a statement in Abuja, the apex bank said it had no plan to withdraw the widely circulating banknote.
It stated, 'The new banknote remains certified legal tender. The CBN is also not contemplating replacing the existing N1,000 note with a new design. The CBN is hereby assuring the public that the absence of the naira sign on the N1,000 banknote is the result of a deliberate change in design to reflect modern concepts, in line with best practice."
'Modern designs of banknotes do not carry such unique symbols anymore. For example, the new design of the United States dollar and the Euro do not have the $ and pound sterling symbols. The same also applies to many other currencies."
The bank noted that any future review of the other denominations of the naira will reflect the modern trend.
The PUNCH, Wednesday November 23, 2005