FREQUENTLY ASKED QUESTIONS ABOUT THE MINT

1. Q:Does the Mint actually produce the money (notes) used in Nigeria?
   
   A: Yes, the Mint prints the Naira at both its Lagos and Abuja factories.


2. Q:In many manufacturing companies, staff are allotted portions of their product as incentive; is this same with the Mint?
   
   A: No, the banknote is produced specifically for the Central Bank of Nigeria (CBN) and no portion of it is allotted to anyone else.
   
   
3. Q:What happens to waste generated during the printing process: is it distributed to staff?
   
   A: Waste generated during the printing process is destroyed by shredding. The process is carried out under security supervision and none of the notes is given to staff.
   
   
4. Q:How is Mercury used in the production of Naira notes?
   
   A: Mercury is not used in the production of the Naira.
   
   
5. Q:Is it true that Nigeria imports the Naira? What then is the function of the Mint?
   
   A: A percentage of the Nigerian Naira is imported because the CBN demand is higher than the installed capacity of the Mint. However, the Mint produces a greater percentage of the Naira in circulation.
   
   
6. Q:Is money (banknotes and coins) the only product of the Mint?
   
   A: No. The Mint also produces security documents like bank cheques, drafts, postage stamps, postal orders, certificates, international passport, ECOWAS passport, examination papers, vehicle licence, customs and immigration documents, tickets, vouchers and diplomatic papers.
   
   
7. Q:What happens to the old notes withdrawn from circulation?
   
   A: The CBN is charged with the responsibility of withdrawing old notes from circulation. Old notes thus withdrawn are not returned to the Mint.
8. Q:How can a lay man easily identify an original Naira note or coin without any equipment; there are quite a few counterfeit notes around?
   
   A: Security features easily noticeable to the public differ from note to note. The most common, however, are the security thread and the watermark. The security thread comes in different forms on different notes. The watermark is a figure or design incorporated into the paper during its manufacture and appearing lighter than the rest of the sheet when viewed in transmitted light. Figures used as watermark on the Naira are the eagle and the bust of Nigeria’s important personalities some of whose pictures appear on the note itself. Coins have latent image (a new security feature for coins) milled or coarse edge.
   
   
9. Q:Why is the Mint no longer producing lower denomination currency than the N5; their absence drives up the prices of goods?
   
   A: The Mint produces based only on demand from the CBN and cannot produce outside of what the CBN requests.
   
   
10. Q:Does the Mint produce the currency of any other country apart from Nigeria?
    A: No.
    
    
11. Q:Does the Mint have the capacity to produce decorative medals, since it produces coins? Medals used at events in the country are usually imported?
    
    A: The Mint has the capacity to produce coins/medals and souvenirs. We have acknowledged coin designers/engravers.
    
    
12. Q:After the Mint has produces enough notes for circulation, what other work would the company be doing?
    
    A: Banknote is produced at the Mint every single day of every year (except when the plant is shut down for maintenance purposes); there are no idle days. Besides banknotes, however, the company also produces other security documents like bank cheques, drafts, postage stamps, postal orders, certificates, international passport, ECOWAS passport, examination papers, vehicle licence, customs and immigration documents, tickets, vouchers and diplomatic papers.
    
    
13. Q:How does the Mint come up with the design of the Naira?
    
    A: Local/Traditional (Nigerian) and contemporary motifs/design elements employed in Naira design.
    
    
14. Q: Is salty water from the ocean a raw material in the production of money (banknote); some say that the Lagos Mint is located near the Bar Beach for that reason?
    
    A: No, salty water is not used in the production of money. The Bar Beach has nothing to do with the location of the Mint Lagos factory.
    
    
15. Q: When was the Nigerian Mint established?
    
    A: The Company was incorporated in 1963 and commenced production in 1965.
    
    
16. Q: What was the nation's source of currency before the establishment of the Mint?
    
    A: Cowry shells, Manilas.
    
    
17. Q: What type of paper is used for paper money that makes them withstand handling for so long?
    
    A: The paper used in paper money is made out of cotton. It is different from paper used in writing materials, which is made from wood.
    
    
18. Q: Are staffs of the Mint paid in new notes?
    
    A: No. Staffs of the Mint are paid through banks like other civil servants and only have access to new notes if the bank pays them with such.
    
    
19. Q: Are Mint workers the highest paid in the country?
    
    A: No.
    
    
20. Q: Is Mint the sole printer of Nigerian currency?
    
    A: No, some percentage of the Naira is imported from other sources.
    
    
21. Q: Can one get to exchange old notes for new ones at the Mint?
    
    A: No, the Naira produced at the Mint is a product exclusively for the CBN and every single note produced is delivered to the CBN.