CBN Launches Polymer Currency Notes

[Com. Oz]

CBN Launches Polymer Currency Notes

The Central Bank of Nigeria (CBN) will by the end of this month put in circulation polymer currency notes in the denominations of N50, N10 and N5. Currently, only the N20 note is in polymer, while the rest of the currencies are in paper form. The new notes, said the CBN, is being launched as part of its mandate to promote efficient payment system in the country. The sensitisation campaign, preparatory to the formal launch of the currency notes and its circulation across the country will be flagged off today in Lagos by the CBN Governor, Lamido Sanusi.

The CBN had in 2007 during the tenor of the former Governor, Professor, Chukwuma Soludo, launched currency reforms with the first phase been the conversion from paper to polymer. Only the N20 note was converted that year. The currency reform was meant to address the convenience, security, durability and cost effectiveness of the naira. CBN sources said the new redesigned banknotes were introduced for a number of benefits including reduction in currency management by the apex financial institution.

[adim2]

rubbish. when will naija grow?

[bblacky]

mchewwwwwwwwwwwww....d oda tme na rebranding......nw nw polymering...na so dem go just d waste money on unnecessary things....na dem concern