April 23, 2013 – Central Bank Of Nigeria, CBN To Stop Printing Polymer Currency Notes – Paper Notes Coming Soon
Starting from this week, the Central Bank Of Nigeria, CBN has stopped the production of Polymer currency notes.
The move came due to complaints that polymer currency notes fade away with time.
People who take public transport or those who buy or sell goods in the market can testify to it.
Here what the Deputy Governor of the Central Bank of Nigeria, Tunde Lemo said in a recent interview;
We will start to produce the second generation of lower denomination notes, now in paper not in polymer. My plea is that Nigerians should exercise patience with us; it wasn’t the fault of the CBN, it was just because we had to go back to the drawing board to rethink `Project Cure’ in the light of the wish of the public that we should not go ahead with the N5000 notes and lower denomination. We will correct that in the course of the year. Polymer certainly will be phased out. In fact, we are phasing out polymer. No new note is being printed in polymer now.