Nigeria to abandon polymer banknotes
Sep 13, 2012 08:36 AM Category: Africa
According to an article in allAfrica dated 12 September 2012, the Central Bank of Nigeria plans to no longer print banknotes on polymer due to higher costs (a result of Australia-based Securency's monopoly on the substrate) and environmental issues. Currently the bank issues polymer notes in its lowest denominations of 5, 10, 20, and 50 naira. All but the 50-naira denomination will be replaced by coins when the bank restructures the currency as expected in 2013.