The Central Bank of Nigeria CBN said counterfeiting and hoarding were the reasons for redesigning and issuing new naira notes.

The Central Bank of Nigeria CBN said counterfeiting and hoarding were the reasons for redesigning and issuing new naira notes.

Deputy Director, Currency Operations Department, CBN, Amina Abdulmalik, said this at the apex bank’s special day, at the ongoing 36th Lagos International Trade Fair in Lagos.

Abdulmalik also said the apex bank’s major mandate, which was issuance of currency was a serious challenge to the bank as it involved lots of activities.

She said redesigning of bank notes was a normal CBN process, and the responsibility of Central Banks around the world.

President, Lagos Chamber of Commerce and Industry LCCI, Michael Olawale-Cole, urged the apex bank to consider converting lower currency notes into coins.