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Nairaland Forum / Nairaland / General / Politics / CBN To Revert Naira To Paper Notes (626 Views)
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CBN To Revert Naira To Paper Notes by vivaciousvivi(f): 7:54am On Nov 29, 2013 |
The Central Bank of Nigeria (CBN) has announced that the country will revert to paper banknotes before June 2014. The move has been described as a policy switch that bucks the growing trend around the world for tougher polymer-based currency. The 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 The polymer notes were first introduced in 2007 with N20 denomination and later in 2009 with the N5, N10, and N50 denominations. He said that it was an error on the part of CBN to have produced polymer notes. “Polymer has been on a test run since 2007. This explains why we did not go the whole hog by printing all the notes in polymer,” the Director of Communication, CBN, Mr. Ugochukwu Okoroafor said. “We only used polymer for N5, N10, N20 and N50, while N100, N200, N500 and N1, 000 are in paper form. We soon discovered that the polymer notes easily fade out because of our peculiar hot climate in Nigeria making them look tattered when in use over time,” he added. The central bank however said the policy would not be a drain on the country’s finance and would be gradual. (We have heard that before!) The new paper banknotes would be printed locally by the Nigerian Security Printing and Minting Company rather than abroad. - See more at: http://nigeriana.org/blog/46876.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+Jetheights+%28Jet+Heights%29&utm_content=Yahoo%21+Mail#sthash.NmLH3fyo.dpuf |
Re: CBN To Revert Naira To Paper Notes by Nobody: 8:04am On Nov 29, 2013 |
Is that going to raise the value of our currency to a competitive rate? If No, then i don't care even if they print it with a computer printer #TeamGOM |
Re: CBN To Revert Naira To Paper Notes by vivaciousvivi(f): 8:07am On Nov 29, 2013 |
god_of_music: Is that going to raise the value of our currency to a competitive rate? Hahahaha! No it wont raise the value. Naturally, as all things FG there was no adequate risk management done which would have anaylsed the fact outlined above about the wear and tear of the notes caused by our weather. |
Re: CBN To Revert Naira To Paper Notes by Nobody: 8:13am On Nov 29, 2013 |
vivacious vivi:Ok, so they wanna make stronger notes now? I didn't really get you. #TeamGOM |
Re: CBN To Revert Naira To Paper Notes by Andyblaze: 8:16am On Nov 29, 2013 |
Ehen! Easier to dub 1 Like |
Re: CBN To Revert Naira To Paper Notes by vivaciousvivi(f): 8:24am On Nov 29, 2013 |
god_of_music: Ok, so they wanna make stronger notes now? My bro, they are reverting back to paper notes from the polymer ones. You were on point, I was just buttressing what you said. |
Re: CBN To Revert Naira To Paper Notes by Nobody: 8:26am On Nov 29, 2013 |
vivacious vivi:Oh ok, now i get you Please Mods, FRONTPAGE!!! #TeamGOM 1 Like |
Re: CBN To Revert Naira To Paper Notes by Bigcake: 8:57am On Nov 29, 2013 |
I thought we were going cashless? Okay ooooo |
Re: CBN To Revert Naira To Paper Notes by vivaciousvivi(f): 9:14am On Nov 29, 2013 |
Bigcake: I thought we were going cashless? Okay ooooo No country has ever made that switch full circle. We are still on course. I hope........... |
Re: CBN To Revert Naira To Paper Notes by lovat(m): 9:14am On Nov 29, 2013 |
If money no dey your pocket e no dey whether polymer or paper. |
Re: CBN To Revert Naira To Paper Notes by Nobody: 9:40am On Nov 29, 2013 |
Re: CBN To Revert Naira To Paper Notes by vivaciousvivi(f): 1:15pm On Nov 29, 2013 |
lovat: If money no dey your pocket e no dey whether polymer or paper. True dat! |
Re: CBN To Revert Naira To Paper Notes by MRWHINNIG: 2:12pm On Nov 29, 2013 |
2014 cannot come soon enough so that this corrupt fundamentalist called Sanusi Lamido can pack his bags and get the hell out of the Central Bank. He is bad news. 1 Like |
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