Friday, 20 June 2008

Nigerian Banknotes: Inconsistent Designs and Features

Having taken a bit of a closer look at the Nigerian Banknotes now in circulation I realize that there are fundamental inconsistencies in the designs and features of these paper money issues. Take a look at these notes now in circulation. Excuse me I do know they are mostly not in good condition, but these are money in cirulation given to be by anybody and everybody while I was home a couple of months ago and believe you me there are other notes in worse condition of wear and tear and misuse still in circulation.

These notes are the newest in circulation and mostly polymer notes, they curiously also do not have the Naira sign on them, I wonder why?

The missing Naira sign

These notes are also still in circulation but are the older notes but these have the naira sign on them. Maybe part of the problem is because Nigeria outsources its banknote issue to foreign companies! A big pity since the country really can afford to print its own banknotes. There is apparently an investigation underway, pertaining to corruption in the Nigerian Security Printing and Minting Company. Some officials have been accused of asking for a huge lump sum of money in order to get the machines needed for Nigeria to start printing its own banknotes. The deals fell through because the money wasn't forthcoming. Now the country spends billions of naira printing Nigerian banknotes overseas.

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