Nigerian President Goodluck Jonathan has launched the redesigned 50 Naira currency commemorative note and non-circulating coins to mark 50 years of Nigeria as an independent state.
At the launching ceremony held during the Federal Executive Council’s special session at the Council Chambers of the Presidential Villa in Abuja, the President commended the Central Bank of Nigeria (CBN) for its efforts at repositioning the banking sector and the economy.
He also thanked the apex bank for the initiative of producing the N50 commemorative note together with non-circulating coins to mark the unique occasion in the history of the nation.
Jonathan also appreciated CBN’s sponsorship of the gold medals to be presented to the 50 distinguished Nigerians to be honored as well as that to be presented to the 150 selected talented youths.
The new note has the same design as the circulating N50 note but bears slight modifications in the form of an addition of the 50th independence anniversary logo, a gold iridescent band and a goodwill message written in varnish.
Meanwhile, the Governor of the Central Bank Lamido Sanusi has said that the note will circulate side-by-side with the existing N50 polymer and paper notes.
He said that some of the commemorative non-circulating coins are produced in 22 carat gold while others are gold plated.
Sanusi took the audience down the memory lane of currency development in the country since the first Nigerian currency denominated in One Pound, Ten Shillings and Five Shillings, issued on July 1, 1959.
He said since 1959, the Nigerian currency had undergone various transformations based on the nation’s history and circumstances.
“On July 1, 1965, the first series of banknotes were replaced with the new banknotes, to commemorate the republican status of the country.
“Thereafter, in 1968, the Bank issued a new set of banknotes to forestall the usage of illegally withdrawn notes from CBN Enugu, Port-Harcourt and Benin branches during the civil war,” he said.
He said with the adoption of decimalization in 1973, a new series of notes was introduced in Naira and Kobo.
Sanusi recalled the introduction of a N20 note in 1977 which marked the first time that the portrait of a Nigerian citizen would be featured in the country’s banknote.
“In 1979, the N10, N5 and N1 notes had the portraits of three eminent Nigerians, Dr Alvan Ikoku, Alhaji Sir Abubakar Tafawa Balewa and Herbert Macaulay respectively.
“The N100 note with the portrait of Chief Obafemi Awolowo was issued in December 1999, while the N200 note with the portrait of Alhaji Ahmadu Bello was launched in 2000.
“The N500 was introduced into circulation in November 2000 with the portrait of Dr Nnamdi Azikiwe.
“Finally, the N1000 note was issued in October 2005 with the portrait of Aliyu Mai-Borno and Dr Clement Isong,” he said
Source African Press Agency
African News from NetNewsPublisher.com
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