The Central Bank of Nigeria, CBN, recently announced announced that the 200, 500 and 1,000 Naira notes would be redesigned.
The onus now lies with the Nigerian Security Printing and Minting Company (NSPMC), a government-owned banknote printing agency to carry out the process.
Founded in 1963, the federal government-owned minting firm is currently under the leadership of Ahmed Halilu, a participant of Senior Executive Course 39, 2017, of the National Institute for Policy and Strategic Studies Kuru, Jos.
According to Economic Confidential, Halilu was appointed the Managing Director of NSPMC last month and is an elder brother to Aisha Buhari, the wife of the President.
Before his latest appointment, Halilu headed the company in acting capacity, following the resignation of Abbas Masanawa in May 16.
Buhari approved the appointment of Halilu after the recommendation of the governor of Central Bank, Godwin Emefiele, who serves as the NSPMC board chairman.
The new MD, NSPMC has over 23 years of experience in the Banking industry having worked with African International Bank Limited, AIB and Zenith Bank Plc.
He holds a Bachelor’s degree in Agriculture B. (Agric), Masters in Business Administration as well as Masters in International Affairs and Diplomacy all from Ahmadu Bello University, Zaria.
Halilu earned several other professional and diploma certifications that prove his wealth of knowledge. His managerial experience is not in question considering his 15 years of managerial and financial portfolio.
Reports say that his first working experience post-National Youth Service Corps (NYSC) in 1992 was at African International Bank at Kano State. He later become a deputy manager in charge of Foreign Exchange department in 1998.
His earliest managerial position was his 2-year stint at CBN Kaduna Branch as the manager in charge of Corporate Banking Loans and Advances Recovery. In his long career as a financial expert, he had attended not less than 17 high-value courses.
The Adamawa State-born technocrat is also a member of the Nigerian Institute of Management, NIM.
Emefiele, while announcing the Apex Bank’s intention to redesign the country’s currency, said CBN would release the re-designed naira notes by December 15, 2022.
According to the CBN governor, this was targeted at controlling currency in circulation as well as curb counterfeit currency and ransom payment to kidnappers and terrorists.
He noted, “Indeed, the integrity of a local legal tender, the efficiency of its supply and its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank.”
On how it would help curb ransom payment, he said, “Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incident of terrorism and kidnapping will be minimised as access to large volume of money outside the banking used as source of funds for ransom payment will begin to dry up.”
He further identified more reasons that necessitated the re-designing of naira notes.
According to the apex bank governor, the challenges included: significant hoarding of banknotes by members of the public; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; and increasing ease and risk of counterfeiting evidenced by several security reports.
Read also:
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