CBN To Change N5, N10, N20 and N50 From Polymer To Paper

CBN is poised to stop the printing of small denomination Naira in polymer notes because they fade quickly.

Its Deputy Governor, Mr Tunde Lemo, disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Washington on the sideline of the ongoing Spring Meeting of the World Bank and the IMF.

``By the middle of the year, 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.’’

Lemo told NAN that when the CBN was going to introduce the polymer currencies, its search showed that they could last longer than ordinary paper notes.

``However, with the benefit of hindsight, we probably should not have dumped polymer because, yes, the substrate lasts longer, but the in-consubstrate began to fade; we didn’t realise that at the time of introduction.

`` So, part of `Project cure’ actually was actually to move away from polymer substrate to paper, unfortunately we had a push-back because of the issues around N5000 note and coins.

``The entire program was put in abeyance, otherwise by now we should have stopped producing polymer.’’

He said that the CBN had awarded a contract for the printing of the higher denomination notes to a foreign company because of low capacity at the Nigerian Printing and Minting Company.

He said the CBN would begin to receive the fresh notes from June.

On the campaign on the careful handling of the naira, Lemo said that it was unfortunate that the campaign was not successful, but noted that it was a criminal act to abuse the naira going by the CBN Act.

``Unfortunately, CBN is not a law enforcement institution; we left that in the hands of the law enforcement institutions and that has not kicked in.’’

I still go to parties and see people spraying money, stepping on money, I see touts distributing mint-fresh money that should go to customers.’’

Lemo also told NAN that the CBN had talked to the police to step up its surveillance to reduce the abuse of the naira adding that the bank had no right to arrest people who sold the naira on the streets.

He said that the act of abuse and sale of the naira by touts had defeated the clean note policy of the bank, but assured that efforts were being made to tackle the problem. (NAN)

http://leadership.ng/nga/news/210413/cbn-change-n5-n10-n20-and-n50-polymer-paper

Ekonomi polisi!

CBN and its policies have been so inconsistent under its present governor. Too much talks n policies without grounded research

Paper to polymar and back to paper again in less than 3yrs..when the 100 naira note was printed,some visible mistakes were detected.too...what a country filled with unserious people...instead of sanusi to do reseach an put his brain to good use..he prefered to dable into political issues that has no bearing to his job..

This CBN under Sanusi is like a vehicle, the more you step on the accelerate pedal, the faster it moves, BUT IN REVERSE.

CBN is running 100 km/h... in the wrong direction.

When Soludo was leaving CBN dollar was 138# since sanusi entered it has been btw #157-#162...he is the worst guy for that job.....causing panic and unnecessary policies....aboki that is supposed to be shining shoes.

If Sanusi likes let him use ankara to print the lower denominations. i don't care! But let him walk far away frm introducing a 5k note.

Les incompetent!

chinedum45: When Soludo was leaving CBN dollar was 138# since sanusi entered it has been btw #157-#162...he is the worst guy for that job.....causing panic and unnecessary policies....aboki that is supposed to be shining shoes.

Onyenkwusi, you didn't tell us how much Soludo met the Dollar to Naira before leaving it at 138.
Also tell us what Paul Oguma met it and the rate he left it. Do you think its about doing 419 or Robbery?

Guapo: If Sanusi likes let him use ankara to print the lower denominations. i don't care! But let him walk far away frm introducing a 5k note.

Les incompetent!

Wats wrong with a 5k note?

Sanusi will be d new emir and his face will be reflected on d new #5k note

no I don't like this idea

Confused Fellas

chinedum45: When Soludo was leaving CBN dollar was 138# since sanusi entered it has been btw #157-#162...he is the worst guy for that job.....causing panic and unnecessary policies....aboki that is supposed to be shining shoes.

how much was the exchange rate of a dollar to naira before Soludo got to be central bank governor?
By your assertion, the previous CBN governors are better than their successors

The major reason for this -- that polymer fades quickly -- goes to show that there was inadequate research before the polymer decision was reached. Were there no experts involved in the decision-making? I won't be suprized that aluminium notes are on the card.

[color=#000099][/color]i think they need to tell us how much this will cost the country!!!! it seems to me like dere is a lot of 'embezzle-able' money in printing new notes dat was why wen #5000 note was rejected, polymer suddenly have disadvantages!!! smh

U09ce: Unfortunately, CBN is not a law
enforcement institution; we left that in
the hands of the law enforcement
institutions and that has not kicked in.’’
I still go to parties and see people
spraying money, stepping on money, I see
touts distributing mint-fresh money that
should go to customers.’’
Lemo also told NAN that the CBN had
talked to the police to step up its
surveillance to reduce the abuse of the
naira adding that the bank had no right to
arrest people who sold the naira on the
streets.

can sum pls asking him what he does wen he sees the abuse of Naira happening? has he not heard dat we are all part of the surveillance of the police?...... we are their eyes where dey are not!! #askboston!

Hew!!! Chineke eh !! Dis people are about to grab the masses on the Jugular again o. In less than 5years they're now trying to go back to the former one. Analogue to Digital and back to Analogue is never a sign of progress o.

We really need to start building institutions..... Why can't a policy made today still stand in the next ten years. What is this back and forth for..... Again money will be wasted implementing the new policy.

Signs of incompetences revealed again on the part of our so-called leaders, they shoyuld have considered thoroughly the durability of the polymer before phasing out the paper notes! Well, this is a welcome development, the polymer idea was indeed a colossal failure

in-consubstrate

Yay, i learnt a new word!

www.CBN/confused.com

@Op Please post a link. Thanks

colossal waste of public funds. The money should be channeled into a productive use.

Mad country... ...

That aint ma problem. Eradicate coins. It doesn't seems to work in nigeria. Print it all on paper!

Sanusi the sick man is at it again. What a confused man running a confused entity. Why not raise the value of our currencies instead of this 5k, 20k and paper changing and printing issues.

chinedum45: When Soludo was leaving CBN dollar was 138# since sanusi entered it has been btw #157-#162...he is the worst guy for that job.....causing panic and unnecessary policies....aboki that is supposed to be shining shoes.

teniyi:
Onyenkwusi, you didn't tell us how much Soludo met the Dollar to Naira before leaving it at 138.
Also tell us what Paul Oguma met it and the rate he left it. Do you think its about doing 419 or Robbery?

why u dey give the guy jabbing for mouth? U no go alao person voice his foolishness again?

[size=16pt]Please we need 5K, 10k and 50K notes this year.

Please, Sanusi Gandoki.[/size]