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CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note (7235 Views)

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CBN To Publish Names Of Bank Debtors / CBN To Punish Landlords & Schools That Ask For Dollars / CBN To Change Polymer Notes To Paper (2) (3) (4)

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CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by soccerprof: 11:26am On Sep 17, 2009
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

Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Seun(m): 1:46pm On Sep 17, 2009
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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Nezan(m): 2:01pm On Sep 17, 2009
undecided
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by shadowmay(m): 2:06pm On Sep 17, 2009
wat a waste of public funds. don't the government know that all we need is electricty,
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Seun(m): 2:08pm On Sep 17, 2009
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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Nobody: 2:22pm On Sep 17, 2009
bright idea.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by teeblaq1: 2:32pm On Sep 17, 2009
RUBBISH!!!! angry
all na to thief money
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by vicade(m): 2:33pm On Sep 17, 2009
Useless. How does this really affect the man on the street ?

Sort out electricity first.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Hydy(m): 2:41pm On Sep 17, 2009
, 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
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by bunmifx(m): 2:53pm On Sep 17, 2009
am sure ther want 2 introduce d Islamic figure on ur note again!
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by sayso(m): 3:00pm On Sep 17, 2009
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)
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by deezah(f): 3:06pm On Sep 17, 2009
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.

Seun:

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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by franctony(m): 3:19pm On Sep 17, 2009
the notes will soon be stained by the fuel we buy for our generators since there is no electricity in the country
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by saintade01(m): 3:20pm On Sep 17, 2009
tee-blaq:

RUBBISH!!!! angry
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? wink
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Seun(m): 3:36pm On Sep 17, 2009
Hydy:
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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by saintiyke(m): 4:07pm On Sep 17, 2009
Dont mind sanu isi he only wants his name to be on those currency.what a rubbish polymer that tears paper

saintiyke2much
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by evantical: 4:09pm On Sep 17, 2009
"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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by landis(m): 4:15pm On Sep 17, 2009
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??
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Nobody: 4:18pm On Sep 17, 2009
Is that the way to make money now in CBN? Change currency notes?  undecided
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Seun(m): 4:21pm On Sep 17, 2009
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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by koolchicco: 4:32pm On Sep 17, 2009
Changing of currency notes.Is this our major problem?
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Ajike: 4:33pm On Sep 17, 2009
@ 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
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by ilohim: 4:37pm On Sep 17, 2009
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!
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by sunmatajai: 4:53pm On Sep 17, 2009
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
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by yeswecan(m): 4:58pm On Sep 17, 2009
This government is so disconnected from the common man, that they don't even know our nagging issues.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by bibiking1(m): 4:59pm On Sep 17, 2009
excuse for the arabic inscriptions to return if you ask me
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by naijatoday: 5:34pm On Sep 17, 2009
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.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by WackyJ1(m): 6:34pm On Sep 17, 2009
Gbam! Thats true talk!!! grin
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**
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Seun(m): 7:27pm On Sep 17, 2009
In order to save further costs, they should allow the old notes to continue circulating until they wear off.
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by Hydy(m): 7:51pm On Sep 17, 2009
, 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
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by MrCrackles(m): 7:53pm On Sep 17, 2009
Who cares. . .Let them issue cowries in Naira, that money is bloody useless! cheesy
Re: CBN To Issue N5, N10, And N50 Notes In Polymer Substrate Like The N20 Note by CarlosVent(m): 8:16pm On Sep 17, 2009
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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