Naira Redesign
The naira is the official currency of Nigeria. Since its introduction in 1973, it has been subject to many redesigns, with the most recent being in 2019. The new design was implemented to reduce counterfeiting and improve security features for users.
Overview of New Design
The redesigned naira notes feature advanced security technologies such as optically variable ink (OVI) and a polymer substrate. OVI is an ink that changes color when viewed from different angles; this helps prevent counterfeiting by making it harder to replicate banknotes without access to special printing equipment. Additionally, all denominations are now printed on a thin layer of plastic – known as polymer substrate – which makes them more durable than paper-based bills so they last longer before having to be replaced.
Security Features
In addition to OVI and the polymer substrate, other security features have also been added including raised print, latent images (images that can only be seen under ultraviolet light), microprinting (very small typeface used for text or graphics), watermarks, metallic thread/strip embedded into the note’s surface, holograms/optical elements (used on higher denomination notes), barcodes and embossed symbols . All these features combined make it difficult for counterfeiters to replicate genuine notes accurately enough for them pass unnoticed when compared side-by-side with authentic ones.
Additional Changes
Aside from improved security measures , there have also been additional aesthetic changes made during the redesign process such as updated colors, fonts and illustrations on each note along with improvements in accessibility features like braille dots indicating denominations present at both sides of each bill . Overall these modifications combine together provide customers with increased confidence while using their money securely knowing that any money they receive will not be fake or easily duplicated by counterfeiters
