FG: New N50 Note Out Sept 29



From Kingsley Nwezeh in Abuja, 08.27.2010 


In commemoration of Nigeria’s 50th Independence anniversary, Federal Government said yesterday that the N50 note would be redesigned by the Central Bank of Nigeria (CBN). The polymer note currency would now adorn the logo  of the 50th  anniversary. In addition,  non-circulating coins which would serve as souvenirs would be launched by President Goodluck Jonathan on September 29, 2010.


The current N50 note, along with N5 and N10 denominations was last redesigned into polymer on September 30, 2009 to commemorate the 49th anniversary.At a news conference in Abuja, Secretary to the  Government of the Federation, Yayale Ahmed, said the redesigned note is expected to circulate simultaneously with the current N50 currency till the CBN decides on when to gradually withdraw the old note from circulation.


Represented by the Director General of Nigeria at 50, Ambassador Baba Kura Kaigama, the SGF however noted that the coins would only be presented as souvenirs as they were not meant to be put into circulation.He described the country as a nation that had passed through rough times.He did not disclose the amount being spent on the preparations for the event “I don’t think that there is anything bogus about our celebration”


He said the country had undergone “a gruelling and painful civil war, the various structural adjustment programmes, many military coups and political imbroglios, ethno-religious and political machinations. It is this resilience that makes Nigeria an intriguing nation and we should celebrate it”, he said.


He noted that “By October 1, 2010, Nigeria would no doubt, once again, be at the threshold of history. The exercise would present the nation with the opportunity to celebrate its achievements, even if they are modest, in the political and economic spheres.





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