How to Print Nigerian Currency: The Process and Guidelines

Nigeria's currency, the naira, is an essential part of its economy. With a population of over 200 million people and being the largest economy in Africa, the demand for naira notes is high. However, the process of printing naira notes is not as straightforward as one might think. This article will provide a detailed guide on how to print Nigerian currency and the guidelines that need to be followed.

Introduction to Printing Nigerian Currency

The process of printing Nigerian currency involves multiple stages, from the design phase to the final production stage. The Central Bank of Nigeria (CBN) is responsible for overseeing the production of naira notes. The CBN has a Printing and Minting Division, which is responsible for the printing of the naira notes, in collaboration with a few foreign companies.

Designing the Nigerian Currency

The first step in printing Nigerian currency is designing the notes. The CBN has a team of experts who design the notes using advanced software. The experts ensure that the notes have high-quality security features, such as watermarks, microprinting, and security threads. Nigeria's currency has been overhauled twice in the past 20 years, with the latest design introduced in 2007. The design has been changed to improve security and prevent counterfeiting.

Approval of the Design

After the design is complete, the CBN sends it to the Nigerian President for approval. Once approved, the design is sent to the Nigerian Senate for final approval. If the Senate approves the design, it is then sent to the printing company.

Printing the Currency

Before printing begins, the CBN must approve the printing company. The printing company must meet specific guidelines, such as having a history of producing high-quality currency notes and having the capacity to handle large volumes. The CBN also ensures that the printing company does not outsource any part of the printing process.

The printing process is highly specialized and requires advanced equipment. The printing company uses a technique called intaglio printing, which involves engraving the design onto a metal plate. The plate is then used to print the notes on a special paper.

Quality Control

After printing, the notes undergo several quality control checks to ensure that they meet the required standards. The notes are checked for color accuracy, size, and security features. The notes are also checked for defects, such as smudging or creasing.

Distribution

Once the notes have been approved, they are distributed to various banks across Nigeria. The CBN ensures that the notes are distributed fairly, and the banks are not given preferential treatment. The notes are distributed based on the demand from each bank.

Guidelines for Printing Nigerian Currency

The CBN has strict guidelines that printing companies must follow when printing Nigerian currency. These guidelines are put in place to ensure that the notes are of high quality and cannot be easily counterfeited. Below are some of the guidelines that printing companies must follow:

Security Features

The notes must have advanced security features, such as watermarks, microprinting, and security threads. These features are designed to prevent counterfeiting.

Paper

The paper used to print the notes must be of high quality and must have a specific weight and thickness. The paper must also have unique features, such as watermarks and security threads.

Ink

The ink used to print the notes must be of high quality and must have unique features, such as color-shifting and fluorescence.

Printing Techniques

The printing company must use advanced printing techniques, such as intaglio printing, to ensure that the notes are of high quality and cannot be easily counterfeited.

Conclusion

The process of printing Nigerian currency is highly specialized and requires advanced equipment and techniques. The CBN has strict guidelines that printing companies must follow to ensure that the notes are of high quality and cannot be easily counterfeited. With the guidelines in place, the naira notes remain a secure and essential part of Nigeria's economy.

FAQs

1. What is the currency of Nigeria?
   Ans: The currency of Nigeria is the naira.

2. How often is the design of the naira notes changed?
   Ans: The design of the naira notes has been changed twice in the past 20 years.

3. What are some of the security features of the naira notes?
   Ans: The naira notes have security features such as watermarks, microprinting, and security threads.

4. Who is responsible for overseeing the production of the naira notes?
   Ans: The Central Bank of Nigeria (CBN) is responsible for overseeing the production of naira notes.

5. How are the naira notes distributed?
   Ans: The naira notes are distributed to various banks across Nigeria based on the demand from each bank.