Lagos – The Central Bank of Nigeria (CBN) on Monday reiterated its decision to change some naira notes from polymer to paper.

Mr Ugochukwu Okoroafor, Head of Corporate Communications Department of CBN, however, in Lagos said that the change would be gradual.

The Deputy Governor of CBN, Mr Tunde Lemo, on April 2013, in Washington, said there were plans to withdraw the polymer notes.

Okoroafor said that there was no fixed date for the change, but the apex bank would complete the phase-out before December 2013.

“We will print all the paper notes here in Nigeria as usual, but it is only when we have cash in hand that we will print the naira notes abroad.

“It depends on the volume the CBN intends to produce. Our hope is to print everything here in Nigeria, “ he said.

Okoroafor said that the change became necessary because of the challenges associated with the use of polymer notes.

He said that one of the challenges was the fading of the polymer notes and the high cost of printing.

Okoroafor said that in spite of the CBN’s plan to print paper notes, the bank would not relent in its effort to ensure that the cashless policy was effective.

He said that the apex bank was working with the service providers to reduce challenges that could arise from banks’network connectivity.

“We want less of cash in the system. We are encouraging people to use their payment devices such as Point of Sale (PoS) machines, phone lines and ATM cards, “ he said. (NAN)

http://www.vanguardngr.com/2013/06/cbn-reiterates-plan-to-phase-out-polymer-notes/

Wasting taxpayer's money unnecessary.They complained about the paper notes,the need for the polymer and now polymer is being phased out to be replaced by paper notes.Confused CBN!

Didn't they know what they were getting us into before they committed our money to it in the first place? I tire for my Country oo.

As clueless and confused as our presid.ent. SMH

The CBN heads are in one word "CONFUSED"

Not a Palatable new I must tell you

Okoroafor said that the change became necessary because of the challenges associated with the use of polymer notes.

He said that one of the challenges was the fading of the polymer notes and the high cost of printing.

So who do we hold responsible for the attendant waste of funds?

nerodenero: Wasting taxpayer's money unnecessary.They complained about the paper notes,the need for the polymer and now polymer is being phased out to be replaced by paper notes.Confused CBN!

as if you do pay tax.

confused aboki haram sanusin. Smh

Really d polymers 're fake cos dey get torn n fade easily.a number of tyms I was broke n had dis torn polymers but cldn't spend them. It wasn't funny ooooo.

imsu.boi:
As clueless and confused as our presid.ent. SMH

and as stup!d and uncomprehensive as you. The news does not state that the plan was initiated by the president.




Now who is confused?

9jadelta: confused aboki haram sanusin. Smh

Must everything be tribal/ethnic to u people?


Go get a life

Lordave: and as stup!d and uncomprehensive as you. The news does not state that the plan was initiated by the president.




Now who is confused?

Smh..wia u not taught simily and metaphor in ur school..he didn't say it was the president he only said CBN is acting under a condition that is liken to that of the president.

I wouldn't blame CBN in d quest 4 beta naira notes. But i wil say they ar confused if they canot maintence d old n bastardised notes in circulatn, knowing fully dat it's der functn 2 witdraw bad and malhandled notes

BY Xplicit:
Smh..wia u not taught simily and metaphor in ur school..he didn't say it was the president he only said CBN is acting under a condition that is liken to that of the president.

why the Bleep should I care about similey and metaphor on that kind of post, from what he wrote one could decipher his huge hatred for mr president. He shouldn't have made it public.

Wtf is CBN doing!!! Abeg they should stop printing our money outside Nigeria, wtf is the meaning of that?

SLS is truly insane!
The same man was arguing for the same "paper Notes" to be changed to Polymer, just a while back.

He did and make money from "Kickbacks"!

Now, he was to do the "U-Turn" so he can make more money from kickbacks, again!

Corruption personified!

Lastpage!

lacasa:


Must everything be tribal/ethnic to u people?


Go get a life

Stop acting like it isn't. Everything in Nigeria is TRIBAL.. Check the constitution and stop acting like a saint.

They must be lunatics, who told CBN to change it in the first place?

HOW CAN A GIANT OF AFRICA PRINTS ITS MONEY IN WESTERN COUNTRY? CANT WE DO D PRINTING? WE IMPORT EVERYTHING, FAKE COUNTRY AND FAKE BRAIN.WE SUCKED FAKE MILK DATS WHY WE HV FAKE LIFE IN ALL STUFES.

[size=18pt]Sanusi is trying his possible best to print new money during his tenure so that he can have access to the technology involved and also get the
Printing plates which he can later use to counterfit money giving him perpetual access to unlimited amounts of capital to carry out any project after he has left
Office.That was the same thing babangida did and it worked untill obj changed all old money to polymer therby frustrating him.the 5000 naira note was also a
Ploy that failed.Imagine a man with the ability to print unlimited amounts of 5000 naira notes[/size]

It's just so wrong for any nation to keep changing currencies like we do. Personal Propaganda should be kept aside in serious matters regarding the nation.

Useless government

Let's just go back to cowries. Or trade by batter.

Leonaidas300: Let's just go back to cowries. Or trade by batter.

As funny as ur point mighr have been. Its as clueless as it is.

Hm! Interesting.

1) One of the biggest problems in Nigeria is the constant change in policy that follows every change in government/administration/management. Soludo brought the polymer notes and Sanusi is bringing back paper notes.

2) This also reminds me of the Securency scandal. Has anybody been punished for giving the polymer contract to Securency?

3) So what do we believe now? Which is more durable, paper or polymer?

4) Why can't the Nigerian Security Printing and Minting Company print all our naira notes?

Lordave: and as stup!d and uncomprehensive as you. The news does not state that the plan was initiated by the president.




Now who is confused?

Obviously, you didn't finish nursery school..
Any1 who did would have been able to understand what I posted.

Dumb f.uck

These guys are very inventive and creative....always looking for new ways to steal mooney!