The Central Bank of Nigeria
(NAN) is to stop the
printing of lower
denominations of the naira
in polymer because it fades,
the Deputy Governor,
Operations, Mr Tunde Lemo,
said.
Lemo made the plan known
in an interview on Sunday
at the ongoing Spring
Meeting of the World Bank
and International Monetary
Fund in Washington DC.
“By the middle of the year,
we will start producing the
lower denomination notes
in paper not in polymer. 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,’’ he said.
Lemo said the apex bank
had, while introducing
polymer notes, conducted
endurance test, which
showed that it lasted longer
than paper substrate.
“ So, part of the project cure
is to move away from
polymer substrate to paper.
Unfortunately, we had a
push back because of the
issues around the N5,000
note and coins.
“The entire programme was
put in abeyance, otherwise
by now, we would have
stopped producing
polymer,’’ he added.
He said CBN had awarded
contract for the printing of
the higher denomination
notes to a foreign company
because of the capacity
issue around the mint.
According to him, the apex
bank will, from June, take
delivery of the new notes.
Commenting on the
handling of the naira, Lemo
said that it was unfortunate
that the campaign against
its mishandling was not
successful.
He, however, said that it
was still a criminal act to
abuse naira notes.
“Unfortunately, CBN is not a
law enforcement agency;
we left that in the hands of
the law enforcement
institutions.
“ I still go to parties and see
people spraying money,
stepping on money, I see
touts distributing mints that
should go to customers,’’
Lemo said.
He said the apex bank had
talked to the police to
reduce the abuse of the
naira, adding that the bank
had no right to arrest
people who sold naira
notes on the street . (NAN)
Source: http://www.vanguardngr.com/2013/04/cbn-stops-polymer-production-reverts-to-paper-note/

Like seriously.ds ppl lack vision

why all the policy summersault?