Nigeria Content Online

President Goodluck Jonathan yesterday formally launched the N50 commemorative note and the non circulating coins.

The new note is
expected to exist side by side with the old while the coins will be
used as souvenirs during the 50th independence anniversary.

The launching,
which was done during yesterday’s Federal Executive Council (FEC)
meeting, which lasted for just about 48minutes, was part of the
activities to celebrate the country’s 50th Independence Anniversary.

Modifications

Speaking at the
occasion, the governor of the Central Bank of Nigeria, Sanusi Lamido
Sanusi, stated that the new note which is designed to commemorate the
country’s 50th anniversary is similar to the circulating N50 note.

The only
difference, he noted is the addition of the 50th anniversary logo, a
gold iridescent band, and a goodwill message written in varnish.

“The new note which
is the same design as the circulating N50 bears slight modifications in
the form of an addition of the 50th anniversary logo, a gold iridescent
ban and a goodwill message written in varnish” he said.

He added that “the
new note will circulate side by side with the existing N50 polymer
notes. While some of the commemorative coins are produced in 22 carat
gold, others are gold plated silver”.

Mr. Sanusi also announced that the bank is redesigning the bank notes to reduce costs and enhance security.

Speaking on the
history of the notes, the CBN governor said since July 1, 1959 when the
first Nigerian currency denominated in one pound, ten shillings and
five shillings was introduced, it had undergone various transformations
as the CBN evolved.