It entails the CBN being responsive to the changing needs of the economy and keeping pace with evolving trends in contemporary currency technology-world. In addition, in line with international best practices, monetary authorities are required to review their nations’ currencies at intervals of between five (5) and eight (8) years.
This is done in order to address, among other factors, inevitable weaknesses and challenges identified in the circulating banknotes and coins. These factors usually arise from innovations in technology, aesthetics, security considerations and so on. In the case of Nigeria’s currency, the following table clearly shows the period some denominations have been circulating without any major review: S/N 1. 2. 3. 4.