Nigeria cancels production of polymer notes (update)

Article from 23 April 2013: The Central Bank of Nigeria has announced it will stop the production of polymer notes and will return to paper banknotes. The main reason for this step is the fading of the banknotes, especially the smaller denominations. The Central Bank had organised numerous campaigns educating the public on the use of banknotes but apparently to no avail.

The deputy governor has announced that production of new polymer notes has already been cancelled. By the middle of of 2013 the bank will begin producing paper money again, starting with the lower denominations.

Update 27 november 2013: Nigeria has again confirmed that the production of polymer notes will be cancelled. "The Central Bank of Nigeria (CBN) 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 down the line -- and after allegations that the manufacturer bribed foreign officials to secure contracts, including in Nigeria -- the CBN said it was being forced to reverse the policy."

The decision to switch back to paper notes is questioned by many experts since the current trend is to convert to polymer. The issuing of paper notes is expected to begin in 2014 with the new notes printed by the state-run Nigerian Security Printing and Minting Company.

Steven Wednesday 27 November 2013 at 08:26 am | | news
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