N5, N10, N20, N50 PAPER NOTES COMING SOON


Polymer notes- The glossy currency notes launched on September 30, 2009 by the late President Umaru Musa  Yar'Adua to mark Nigeria's 49th Independence anniversary are to be withdrawn from circulation.
 The notes were introduced by the CBN when Professor Chukwuma Soludo was the governor. They replaced paper notes. But  deputy governor of the Central Bank Tunde Lemo has hinted of a plan to stop the printing of small denominations of the naira in  polymer notes because they fade quickly. Lemo spoke yesterday in Washington Dc, the United States on the sideline of the ongoing Spring meeting of the World Bank and IMF. A note printing firm - Securency, partly owned by the reserve Bank of Australia was contracted in 2006 to produce the polymer notes at the cost of N750million. Lemo stated that research has shown that the polymer note does not last longer than ordinary paper notes. The CBN will begin to receive the fresh notes from June.


Culled From The Nation.

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