Sanusi, who made this known during an interactive session with the House of Representatives’ Committee on Banking and Currency, was speaking on the backdrop of reported incidences of fake naira notes been dispensed by the automated teller machines (ATMs) across the country.
Explaining that redesigning of the naira note was supposed to be a routine exercise carried out every seven or so years, Sanusi regretted that the N5,000 note earlier proposed by the apex bank was roundly rejected by Nigerians.
“Unfortunately, redesign suffered because of all the noise around N5,000, and therefore, it’s been delayed because that is what would have made it impossible for counterfeiters to counterfeit. They would have to take another five, six, seven years before they learn how to counterfeit. By which point, the central bank should be redesigning the notes again.
“I suppose that at some point, the country would have to visit this issue of redesigning the notes. But at the moment, based on popular demand, we have had to step down the redesign,” Sanusi said.