The Central Bank of Nigeria, CBN, has said that
Nigerians should expect a new generation of
naira notes before the second quarter of 2014.
Deputy Governor, Operations, Mr Tunde Lemo,
said the apex bank had earlier announced its
decision to move the local currency from
polymer back to paper, but disclosed that all
the notes in circulation would not be withdrawn
at the same time.
“Nigerians will be having new generation notes
in paper in the next few months. We will wait
until the notes wear tear. When they wear, and
they travel back to Central Bank, of course they
will be re-issued,” he stated.
According to him, the life cycle of a note in
Nigeria is between six months and a year and if
CBN took that decision six months ago, “I
reckon that in the next three to six months, you
will begin to see these denominations re-appear
in paper.”
He said that, the Central
Bank would have started
producing the lower denomination notes in
paper by the middle of last year, but due to
logistics challenges, the plan was not
accomplished.
“My plea is that Nigerians should be patient
with us. It wasn’t the fault of the CBN; it is just
because we have to go back to the drawing
board. We will correct that in the course of the
year. Polymer certainly will be phased out. In
fact, no new note is being printed in polymer
now,” said Lemo.
On the scarcity of the lower denomination
notes, Lemo blamed inflation and commercial
banks for what he called “low transactionary
value” and “poor circulation,” respectively.
“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 cost and 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 it is the people
that are losing interest because of its bulkiness
and inflation,” he said.
Lemo said this should be done to ensure
effective protection of the currency from abuse.


dailypost.com.ng/2013/11/22/nigerians-should-expect-new-naira-notes-before-june-2014-cbn/

Why note again pls we nid explanatn

Confused bankin system.

4rm coins in circulation TO 2000 & 5000naira notes TO change of polymer..still:

1.inflation is on d rise
2.exchange rate is low
3.smaller denominations are scarce...etc....once again CONFUSED BANKIN SYSTEM

chimex38: Confused bankin system.

4rm coins in circulation TO 2000 & 5000naira notes TO change of polymer..still:

1.inflation is on d rise
2.exchange rate is low
3.smaller denominations are scarce...etc....once again CONFUSED BANKIN SYSTEM

GBAM!

ANOTHER MEDIUM TO LOOT MORE MONEY.

chimex38: Confused bankin system.

4rm coins in circulation TO 2000 & 5000naira notes TO change of polymer..still:

1.inflation is on d rise
2.exchange rate is low
3.smaller denominations are scarce...etc....once again CONFUSED BANKIN SYSTEM

Yup, this guy got it all right.

Who says Nigeria is not broke again?