CBN dumps polymer for paper notes in 2014

Posted: November 27, 2013 in The Economy
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CBN Governor, Lamido Sanusi

The Central Bank of Nigeria has said it will  start printing the naira in paper notes in 2014.

It signed a deal in 2006 with Australia’s Securency International to print lower more-circulated units of the naira in polymer, while higher denominations were kept in paper form.

But six years after and following allegations that the manufacturer had bribed foreign officials to secure contracts, including in Nigeria, the CBN said it was being forced to reverse the policy.
“We only used polymer for N5, N10, N20 and N50, while N100, N200, N500 and N1,000 are in paper form. We soon discovered that the [polymer] notes easily fade out because of our peculiar hot climate in Nigeria… making them look tattered when in use over time.”

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