CBN On Naira Notes Again: Plans To Change N5, N10, N20 and N50 from polymer to

POLYMER notes – the glossy currency notes launched on September 30, 2009 by the late President Umaru Musa Yar’Adua to mark Nigeria’s 49th Independence anniversary – are to be withdrawn from circulation.

The notes were introduced by the Central Bank of Nigeria (CBN) when Prof Charles Chukwuma Soludo was the governor. They replaced paper notes.

But Deputy CBN Governor Tunde Lemo has hinted of a plan to stop the printing of small denominations of the naira in polymer notes because they fade quickly.

Lemo spoke yesterday in Washington DC, the United States (U.S.) on the sideline of the ongoing Spring Meeting of the World Bank and the IMF.

A note-printing firm – Securency, partly owned by Reserve Bank of Australia, was contracted in 2006 to produce the polymer notes.

It cost the Federal Government some N750 million.

But, going by what the CBN Deputy Governor said, the production of the paper notes will begin in two months.

Lemo said: “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 recalled that when the CBN was going to introduce the polymer currencies, its search showed that they could last longer than ordinary paper notes.
His words: “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’ 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 programme was put in abeyance. Otherwise, by now, we should have stopped producing polymer.’’
The banker 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 (NPMC).

The CBN will 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 it was not successful, but noted that it is a criminal act to abuse the naira – going by the CBN Act.
He said: “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.’’
According to Lemo, the CBN has urged the police to step up its surveillance to reduce the abuse of the naira. The bank lacks the power to arrest people who hoard the naira to resell at motor parks and on the streets, Lemo said.

Posted: at 22-04-2013 06:20 AM (11 years ago) | Hero

 

Posted: at 22-04-2013 12:48 PM (11 years ago) | Upcoming

Nice 1 coming 4rm d deputy,am sure dat d!ckhead sanusi can not reason dis way

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Posted: at 22-04-2013 01:10 PM (11 years ago) | Hero

We are waiting..

Posted: at 22-04-2013 02:01 PM (11 years ago) | Gistmaniac

pls help me ask them o... blind government

Posted: at 22-04-2013 02:55 PM (11 years ago) | Gistmaniac

(CBN) HAS AN INFERIOR NATURE OF SELF DECEIT. IMAGINE HOW YOU GUYS IN SUCH A HIGH POSITION CONFUSE AND DISORGANIZE YOURSELVES LIKE CHILDREN. YOU CALL YOURSELVES PROFESSIONALS IN THE BANKING INDUSTRY AND IT'S ONLY NOW YOU'VE ALL REALIZED THAT POLYMER NOTES FADE QUICKLY.

THIS IS JUST ANOTHER INHUMANE STRATEGY TO FURTHER DE-VALUATE THE NIGERIAN NAIRA MORE AND MORE, AND OF COURSE MAKE PERSONAL MONEY BASED ON THE PLAN TO CHANGE THE NOTES AT THE EXPENSE OF SUFFERING NIGERIANS.

THE ECONOMIC SETBACK OF NIGERIA IS NOT AND HAS NEVER BEEN ON THE GRAPHIC DESIGN AND RE-DESIGN OF THE NIGERIAN CURRENCY. THE SETBACK IS THE MASSIVE CORRUPTION OF POLITICIANS AND TOP GOVERNMENT OFFICIALS IN EVERY AREA OF ADMINISTRATION. YOU ALL DECEIVE YOURSELVES INTO BELIEVING THAT NIGERIANS ARE FOOLS. WE ARE NOT FOOLS WE KNOW WHAT YOU ALL DO.

ONE GOOD THING YOU ALL SHOULD BE FAMILIAR WITH IS THAT, APART FROM THE ALMIGHTY GOD NO ONE STAYS AT THE TOP FOREVER AND NO ONE IS UNTOUCHABLE. ONE DAY BEFORE THE ALMIGHTY GOD YOU WILL ALL GIVE ACCOUNT OF THESE EVIL DEEDS TO INNOCENT SUFFERING NIGERIANS.

Posted: at 22-04-2013 03:01 PM (11 years ago) | Gistmaniac

Ur previous research was based on what? Its a pity how our resources are misused as a result of poor and misguided 'reports' by some 'oga at the top'

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Posted: at 22-04-2013 03:28 PM (11 years ago) | Newbie

It's very shameful that with CBN's many resources they did not realize that polymer fades with time.

Posted: at 22-04-2013 04:22 PM (11 years ago) | Gistmaniac

Ok

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Posted: at 22-04-2013 05:36 PM (11 years ago) | Gistmaniac

confuse leaders

Posted: at 22-04-2013 07:07 PM (11 years ago) | Hero