The Central Bank of Nigeria (CBN) has announced that the country will revert to paper banknotes before June 2014.
The move has been described as a policy switch that bucks the growing trend around the world for tougher polymer-based currency.
The CBN signed a deal in 2006 with Australia’s Securency International to print lower more-circulated units of the naira in polymer, while higher denominations were kept in paper form

The polymer notes were first introduced in 2007 with N20 denomination and later in 2009 with the N5, N10, and N50 denominations.
He said that it was an error on the part of CBN to have produced polymer notes.
“Polymer has been on a test run since 2007. This explains why we did not go the whole hog by printing all the notes in polymer,” the Director of Communication, CBN, Mr. Ugochukwu Okoroafor said.
“We only used polymer for N5, N10, N20 and N50, while N100, N200, N500 and N1, 000 are in paper form. We soon discovered that the polymer notes easily fade out because of our peculiar hot climate in Nigeria making them look tattered when in use over time,” he added.

The central bank however said the policy would not be a drain on the country’s finance and would be gradual. (We have heard that before!)

The new paper banknotes would be printed locally by the Nigerian Security Printing and Minting Company rather than abroad.


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Is that going to raise the value of our currency to a competitive rate?

If No, then i don't care even if they print it with a computer printer


#TeamGOM

god_of_music: Is that going to raise the value of our currency to a competitive rate?

If No, then i don't care even if they print it with a computer printer


#TeamGOM

Hahahaha!
No it wont raise the value.
Naturally, as all things FG there was no adequate risk management done which would have anaylsed the fact outlined above about the wear and tear of the notes caused by our weather.

vivacious vivi:


Hahahaha!
No it wont raise the value.
Naturally, as all things FG there was no adequate risk management done which would have anaylsed the fact outlined above about the wear and tear of the notes caused by our weather.

Ok, so they wanna make stronger notes now?

I didn't really get you.


#TeamGOM

Ehen! Easier to dub

god_of_music: Ok, so they wanna make stronger notes now?

I didn't really get you.


#TeamGOM

My bro, they are reverting back to paper notes from the polymer ones. You were on point, I was just buttressing what you said.

vivacious vivi:

My bro, they are reverting back to paper notes from the polymer ones.

Oh ok, now i get you

Please Mods, FRONTPAGE!!!



#TeamGOM

I thought we were going cashless? Okay ooooo

Bigcake: I thought we were going cashless? Okay ooooo

No country has ever made that switch full circle. We are still on course. I hope...........

If money no dey your pocket e no dey whether polymer or paper.

lovat: If money no dey your pocket e no dey whether polymer or paper.

True dat!

2014 cannot come soon enough so that this corrupt fundamentalist called Sanusi Lamido can pack his bags and get the hell out of the Central Bank. He is bad news.