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soccerprof
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In continuation of the currency reforms initiated by Professor Chukwuma Soludo, the immediate past governor of the Central Bank of Nigeria (CBN), the apex bank has said it will on September 30, 2009 issue a total of 1.915 billion notes in N5, N10 and N50 denominations using polymer substrate format.
The new notes which will be launched by President Umaru Yar’Adua, is to replace the existing paper mode in the affected denominations.
Central Bank of Nigeria Governor, Mallam Sanusi Lamido, who briefed the press in Lagos on Wednesday said the extension of polymer substrate was due to the cost effectiveness of the base material and its long lasting nature. www.sunnewsonline.com/webpages/news/national/2009/sept/17/national-17-09-2009-003.htm |
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Seun (m)
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I like the numbers: He stated that polymer notes are known to last longer in circulation and was 1.8 times the cost of the paper notes but last 4 times longer than the paper notes. It does not tear easily, nor get soiled easily. According to him, the N20 note on polymer was a test case to determine the advantages and demerits of polymer substrate and its acceptance; and the lower denominations are being reprinted because of their frequency of use by Nigerians. In continuation of the currency reforms initiated by Professor Chukwuma Soludo Why must everything be a "reform"? This is just the CBN doing its job. Which is nice. |
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shadowmay (m)
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wat a waste of public funds. don't the government know that all we need is electricty,  |
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Seun (m)
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They are trying to save money. The notes are 1.8 times more expensive but last 4 times longer, so they cost less to maintain over time. This is the basic job of the CBN and I'm happy to see some progress.
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tee-blaq
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RUBBISH!!!!  all na to thief money |
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vicade (m)
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Useless. How does this really affect the man on the street ?
Sort out electricity first.
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Hydy (m)
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, if its like 20naira notes,then d cbn's gone bananas, N20 fades easily,tears stupidly and when torn, is useless, 4me,its only flashy but has no quality
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bunmifx
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am sure ther want 2 introduce d Islamic figure on your note again!
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sayso (m)
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This country is really a theater,come in and act your script,if wonderful the audience will laugh,then off you go,if bad they will still laugh and say it is not like the other.Let the drama continue.Sunny Okosun(Which way Nigeria)
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deezah (f)
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I agree that the 20naira notes tear easily and are quite useless after that. People dont even accept it when it's mended with cellotape because unlike d paper notes which are barely noticeable after mending, the polymer's flashy nature makes it so obvious, hence d refusal to accept it. They are trying to save money. Our money. The notes are 1.8 times more expensive but last 4 times longer, so they cost less to maintain over time. This is the basic job of the CBN and I'm happy to see some progress.
The above makes sense though. Something should be done about the nature of the polymer so we can further enjoy it, methinks. |
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franctony (m)
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the notes will soon be stained by the fuel we buy for our generators since there is no electricity in the country
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saintade01 (m)
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RUBBISH!!!! all na to thief money Just like my friends we say. Can we just hope and believe that good things can still come out of this great country NIGERIA?  |
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Seun (m)
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if its like 20naira notes, then the CBN's gone bananas, N20 fades easily,tears stupidly and when torn, is useless, 4me,its only flashy but has no quality As far as I know, the polymer notes can't be torn by mistake. They're definitely more durable. |
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saintiyke
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Dont mind sanu isi he only wants his name to be on those currency.what a rubbish polymer that tears paper
saintiyke2much
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evantical
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"7 point agenda" is now "7 point" rubbish.our govt always place the cart before the horse.we hv pressing needs like,electricity,water and good roads but wht we get is garbage,garbage and garbage.it very appalling that we dont ask much from our govt but basic needs and still we dont even get one done to perfection.when we thought we have a graduate for a president and still he cant reason logically to know our present needs.i have lost faith in this govt and very soon hell wil break loose cuz we hav endured enough.
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landis (m)
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They are trying to save money. The notes are 1.8 times more expensive but last 4 times longer how did they come about this? where was it tested? how many Market women test this by put in the 'bra', sock it with palm-oil etc?? |
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Ujujoan (f)
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Is that the way to make money now in CBN? Change currency notes?  |
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Seun (m)
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how many Market women test this by put in the 'bra', sock it with palm-oil etc?? The 20 naira note is waterproof, so it doesn't not absorb your sweat when placed in the bra. Also, market women are less likely to put it in their bras since it's not made of soft paper material. |
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koolchicco
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Changing of currency notes.Is this our major problem? |
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Ajike
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@ franctony, the notes will soon be stained by the fuel we buy for our generators since there is no electricity in the country
abeg do electricity first jooo, it is not wen u work u go get moni wether polmer or polymer abi wetin dem dey call am self
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ilohim
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Mallam Sanusi is definitely full of intrigue, he has finished with 'cleasing' the banking sector, he has moved on to changing naira notes!
My question: Is it not going to cost us quite some money to print the new notes?! What do we need them for?
Is that the problem of this country now? Spending money unnecessarily when there are more burning issues like undergraduates being at home for over three months(ASUU & FG deadlock),no light,NUT has also gone on a permanent strike;almost everyone in this country is on strike,yet we are wasting tax payers money to print new notes!
This government sure has their priorities all mixed up!
Worsestill,none, not even half of any of the seven point agenda has been achieved.
How sad!
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sunmatajai
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Its just an additional waste of national precious resourses. Be it polymer or polypaper they both wear out as time passes. Changing of Naira notes should be left all alone for now and give attention to more serious issues- issues that directly affect the life of masses in general(the utilities and public goods). More orientation and naira handling education is what Nigerians need particularly the Iyalojas(market women) and the youngs.
ogidiolu
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yeswecan
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This government is so disconnected from the common man, that they don't even know our nagging issues.
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bibiking1
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excuse for the arabic inscriptions to return if you ask me
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naijatoday
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Some of you are quite funnny.
The only thing changing in the currency it that it becomes Polymer. Soludo did it with the N20 note and the plan was to introduce the N5, N10, N50 this year but, becasue it is Sanusi he has a hidden agenda.
Even though he has said what change will be on the notes:
He said; “The existing denominations of N5, N10, and N50 paper notes remain legal tender and will circulate side by side with the new polymer notes for the next six months. The new N5, N10, and N50 polymer notes have retained their current sizes, designs and other key elements. Only the watermark has been replaced with the transparent window and G-switch which turns from green to gold when the note is tilted.”
And to the person asking how will this affect the common man, it cost money to print money. Printing money that will last for a long time will save cost in the long run. Under Soludo they tried it with the N20 and it showed it saved cost in the long run.
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WackyJ1 (m)
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Gbam! Thats true talk!!!  Will not bringing the new notes bring us electricity. The #20 is more durable, waterproof and pleasant to the eye than the paper notes. To me the #20 is better than the dry paper notes. It also reduces the risk of breast cancer for those women who put money in their b** |
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Seun (m)
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In order to save further costs, they should allow the old notes to continue circulating until they wear off.
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Hydy (m)
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, HA HA HA, U talk as if we are not in 9ja
once d new notes are out,hy bet nobody will collect d paper note 4rm u.its all gonna result2 shear WASTE
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MrCrackles (m)
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Who cares. . .Let them issue cowries in Naira, that money is bloody useless! 
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CarlosVent (m)
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its good but it will be more than good if it has a reasonable value.
lets revolutionize the value of our currency like Ghana did.
THANKS A LOT NIGERIANS
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