Nigeria may dump polymer for paper in 2014
Nov 26, 2013 07:13 AM Category: Africa
According to various news sources dated 26 November 2013, the Central Bank of Nigeria has announced its intention to revert to paper from polymer for its banknote substrate. Nigeria has been issuing low-denomination (5 to 50 naira) notes on polymer since the introduction of the 20-naira note (CBN B32a) on 28 February 2007. In justifying the move, the bank cited the fading of the notes and the bribery scandal surrounding Securency, the substrate supplier. The switch back to paper is expected to begin in 2014 and take place gradually, with the new notes printed by the state-run Nigerian Security Printing and Minting Company rather than abroad.