The central bank of Nigeria has revealed plans to stop producing polymer currency notes. This is because the notes fade quickly,those who enter public transport regularly...especially in lagos can attest to that.
According to Deputy governor, Mr Tunde Lemo;
we will start to produce the second generation of lower denomination notes, now in paper not in polymer.
My plea is that Nigerians should exercise patience with us; it wasn’t the fault of the CBN, it was just because we had to go back to the drawing board to rethink `Project Cure’ in the light of the wish of the public that we should not go ahead with the N5000 notes and lower denomination.
We will correct that in the course of the year. Polymer certainly will be phased out. In fact, we are phasing out polymer. No new note is being printed in polymer now.
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