Nigeria Central Bank To Phase Out Polymer Notes From June

The Central Bank of Nigeria (CBN) is set to phase out polymer notes by June this year as the apex bank is to begin the printing of second generation smaller denominations in paper from that time, the News Agency of Nigeria is reporting.


In an interview with the agency on Sunday in Washington DC at the Spring Meeting of the World Bank and the International Monetary Fund, Tunde Lemo, the Central Bank Deputy Governor, said the bank is phasing out the polymer notes because it fades out easily.


Tunde Lemo
Deputy Governor, CBN
“By the middle of the year, we will start to produce the second generation of lower denomination notes, now in paper and not in polymer,” he said.

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Just wondering when they introduced de polymer note and now they are going back to PAPER again. Nigerian Govt is WASTEFUL. Another means to syphon money from the Country's Accounts...