Nigeria to switch lower denominations from polymer to paper mid-year
Apr 24, 2013 06:39 AM Category: Africa
According to an article in ThisDayLive dated 24 April 2012, Tunde Lemo, the deputy governor of operations for the Central Bank of Nigeria, defended the bank's plans to stop the printing of lower denominations of the naira in polymer and revert to paper currency because the former reportedly fades too much, making the notes unsuitable for circulation. “By the middle of the year, we will start producing the lower denomination notes in paper not in polymer. My plea is that Nigerians should be patient with us. It wasn’t the fault of the CBN; it is just because we have to go back to the drawing board. We will correct that in the course of the year. Polymer certainly will be phased out. In fact, no new note is being printed in polymer now,” said Lemo.