Nigeria extends circulation of low-denomination paper notes

In a press release dated 3 March 2010, the Central Bank of Nigeria (CBN) indefinitely extended the terminal date for the circulation of the existing 5-, 10-, and 50-naira paper banknotes as legal tender, allowing them to circulate in parallel with polymer notes of the same denominations. “The Bank also wishes to reassure Nigerians that the N50 polymer banknotes, whether with 6-digits or 7-digits serial numbers were issued by the CBN and therefore genuine banknotes. The numbers on the notes are consistent with the numbering system adopted by the Bank. Both sets of banknotes are fortified with adequate security features which make counterfeiting difficult.”