CBN to launch new polymer notes of N5,N10 and N50

September 16, 2009 05:19PM

Central Bank of Nigeria (CBN) to print N1.915 billion pieces of N5, N10 and N50. CBN would launch new notes on September 30,2009. CBN governor, Mr Lamido Sanusi states that N1.3billion pieces of the new currency would be printed abroad, while the rest would be printed in Nigeria.

Sanusi also, states that the new polymer notes costs 1.8 times the cost of paper, but they tend to last 4 times longer, so they reduce cost by half.

The new polymer notes would be launched by the president; Umaru Musa Yar'Adua on September 30,2009. However, existing notes of these new notes would remain legal tender and would be accepted side by side with the new ones after which they would be streamlined out of circulation

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Reader Comments (4)

Posted by kelechi okoro on Oct 04 2009

I like the idea of having polymer notes, which have risen in popularity around the world. However, the only the overall costs would be reduced by half, or even at all, is if the Nigerian government allows them to be in circulation long enough to last 4 times longer than paper. How many times is necessary to change and update a country's currency, especially one whose value has plummeted from value above that of the US Dollar to the point where our coins are both worthless and rare? Is it really worth it to change the bills now, given the country's future plans to scrap the currency altogether for a West African Monetary Zone currency, which itself is planned for erasure before a merger with the West African CFA Franc? I know foresight and planning are not traditional strengths of the successive Nigerian governments, but I hope at this time someone at least has thought ahead to the immediate future.

Posted by EMEKA on Oct 04 2009

WILL THIS CHANGE SOLVE THE PROBLEM IN NIGERIA. IS IT PART OF THE 7 POINTS AGENDA? WILL IT BRING TO AN END STRIKES ALL OVER VARIOUS SECTORS OF THE NIGERIAN ECONOMY.IT IS NOT IMPORTANT NOW. THANK YOU

Posted by aisha hamman on Oct 12 2009

i hope the new polymer notes will be enough in circulation``and will not be abused like other naira notes.

Posted by ADETOKUNBO ANU on Feb 01 2010

Why do we have to go abroad to print the new polymer notes, why can't we engage the service of our the printing and minting company