The Central Bank of Nigeria has disclosed it would take delivery of new naira notes before the end of September.  Deputy Governor, Operations, Dr Tunde Lemo, who revealed this in Abuja, stated that the public would get a large quantity of the new notes to replace the old and mutilated notes.

The apex bank had earlier said that new naira notes would be in circulation by June, and that the smaller denomination notes (N5, N10, N20, and N50) would be reprinted on paper.
“We are going to take delivery of the new notes from this month of August. We will take delivery of the new notes before the end of September. The public will get a large quantity of the new notes to replace the old and mutilated notes, particularly the higher denomination notes in the first instance, then later the lower denominations,’’ he said.

On the scarcity of the lower denomination notes, Lemo blamed commercial banks for what he called “poor circulation’’.
“For the lower denomination; well, I think the banks are really the ones that are really not allowing the lower denomination in circulation, largely, because of the carrying value.
“Most people don’t require small denomination. But for buying things in the market, if you look at the veracity, you find out that the N50 circulate more than the smaller ones,’’ he said.
Lemo has urged law enforcement agencies to arrest all illegal hawkers of new naira notes.
He also called on commercial banks to keep watchful eyes on their staff to avoid being used as conduit for illegal transfer of new notes to unauthorised hands.
Lemo said this should be done to ensure effective protection of the currency from abuse.

Meanwhile, CBN Director of Communications, Ugo Okoroafor, while explaining the situation recently, acknowledged the shortage of the lower denominations in the system but said the situation has improved.

This is as banking industry sources insist that the scarcity of lower denominations may not be unconnected with the government’s suspension of the introduction of N5,000 note, which would have also ensured that lower denominations are minted to replace old ones.

“We (CBN) do not want to talk so that it would not be like we are forcing the Federal Government to reverse the suspension. But the scarcity cannot be far from the suspension of the N5,000 note proposal last year,” he said.

Beside their non-availability, six years after their introduction by the CBN, the public has almost lost interest in monetary transactions involving the exchange of N5, N10, N20, and N50 polymer notes.

http://sunnewsonline.com/new/business/new-naira-notes-ready-september-ending-cbn/

na wa o...after wasting so much money turning it into polymer.

Tchewwwww

Castroii: The Central Bank of Nigeria has disclosed it would take delivery of new naira notes before the end of September. Deputy Governor, Operations, Dr Tunde Lemo, who revealed this in Abuja, stated that the public would get a large quantity of the new notes to replace the old and mutilated notes.

The apex bank had earlier said that new naira notes would be in circulation by June, and that the smaller denomination notes (N5, N10, N20, and N50) would be reprinted on paper.
“We are going to take delivery of the new notes from this month of August. We will take delivery of the new notes before the end of September. The public will get a large quantity of the new notes to replace the old and mutilated notes, particularly the higher denomination notes in the first instance, then later the lower denominations,’’ he said.

On the scarcity of the lower denomination notes, Lemo blamed commercial banks for what he called “poor circulation’’.
“For the lower denomination; well, I think the banks are really the ones that are really not allowing the lower denomination in circulation, largely, because of the carrying value.
“Most people don’t require small denomination. But for buying things in the market, if you look at the veracity, you find out that the N50 circulate more than the smaller ones,’’ he said.
Lemo has urged law enforcement agencies to arrest all illegal hawkers of new naira notes.
He also called on commercial banks to keep watchful eyes on their staff to avoid being used as conduit for illegal transfer of new notes to unauthorised hands.
Lemo said this should be done to ensure effective protection of the currency from abuse.

Meanwhile, CBN Director of Communications, Ugo Okoroafor, while explaining the situation recently, acknowledged the shortage of the lower denominations in the system but said the situation has improved.

This is as banking industry sources insist that the scarcity of lower denominations may not be unconnected with the government’s suspension of the introduction of N5,000 note, which would have also ensured that lower denominations are minted to replace old ones.

“We (CBN) do not want to talk so that it would not be like we are forcing the Federal Government to reverse the suspension. But the scarcity cannot be far from the suspension of the N5,000 note proposal last year,” he said.

Beside their non-availability, six years after their introduction by the CBN, the public has almost lost interest in monetary transactions involving the exchange of N5, N10, N20, and N50 polymer notes.

http://sunnewsonline.com/new/business/new-naira-notes-ready-september-ending-cbn/

SmH

Make dem remove Nnamdi Azikwe frm dat money abeg, make dem replace am wit M.K.O.

Cool

phillippiano: SmH

You didnt have to quote all the whole page just to shake your head. Abi you dey learn?

AGAIN? Waste...Is dat wat we nid...yeye people...*hisses nd .....*

Hmm.

Everything in nigeria is just unstable!

The silly aspect of this matter is that after few years, they may decide to revert to the polymer telling us statistics showed them nigerians prefer the polymer to paper!

T-smooth:
Make dem remove Nnamdi Azikwe frm dat money abeg, make dem replace am wit M.K.O.

Bigot.......Nnamdi Azikiwe no be ur papa mate! MKO is not his match!

But why all the govt sectors in Nigeria are so clueless. Before taking a big decision like the use of the polymer they should have idea of its long use and disadvantages. Welcome back paper notes we have miss you so much your junior brother polymer could not treat us well like you do.you tolerate well our rough handling of you.

Welcome idea as far as arabic inscriptions are not reintroduced.

T-smooth:
Make dem remove Nnamdi Azikwe frm dat money abeg, make dem replace am wit M.K.O.

What is this one saying
Did you do history of Nigeria in school
How can you compare Nnamdi to Abiola
I dont want to say anything bad to you sha.

Kk

T-smooth:
Make dem remove Nnamdi Azikwe frm dat money abeg, make dem replace am wit M.K.O.

Hw doez dat affect ASUU strike abeg make una resume make dem release list.

Polymer note was a disaster. Such mistake at that level is completely unacceptable. In a sane country,resignations would have been flying around by now

conductor na here...


hello

lesbianboy which side u dey?

But y d higher demons first and not d lower.y not turn d lowest self into coin...naija don mezebu a swear.na dat one remain for d matter abi?

Better abeg . A torn polymer note is useless but you fit manage torn paper note, just celotape am

omicron: You didnt have to quote all the whole page just to shake your head. Abi you dey learn?

Abi o

Sanusi, every tym New Naira Notes. Please when are we getting a New CBN governor?

davades: na wa o...after wasting so much money turning it into polymer.

I tire bro,they r just bunch of confused people.running down d economy of this nation.bt God will judge them one day!!!

That F'u'c'kery who say that He want Azikiwe to be replaced with Abiola,just Need attention and You Guys are giving it to Him.

New national I.D cards
New vehicle number plates
New drivers licence
New naira notes. . . .

Are we really moving backward or forward?

Hmmm! CBN SLS is confuse.

4 dat Okpo wey talk say mk we remove d'grt Zik replace am wit Abiola......u dnt ve 2 b tribalistic wit dis ur suggestion shows u tinkin wit ur JT u nid some senses dude...anyway shaa 4 Aba hia we immortalise am kuz we gt Abiola milk....ima na aba nwere everytin...shout out 2 all ABA niggas

Osgilliat: But why all the govt sectors in Nigeria are so clueless. Before taking a big decision like the use of the polymer they should have idea of its long use and disadvantages. Welcome back paper notes we have miss you so much your junior brother polymer could not treat us well like you do.you tolerate well our rough handling of you.

the polymer is ten times better than the paper. Sanusi is just fooling himself there

clowned men, I guess they making so much money by changing the currency from one quality to another. assholes.

T-smooth:
Make dem remove Nnamdi Azikwe frm dat money abeg, make dem replace am wit M.K.O.

na talk be this?
na u dem for replace am with.mtshewwwwwwwwww