CBN To Switch Back To Paper Money
CBN To Switch Back To Paper Money Posted by: Channels Television Posted date: April 22, 2013 In: Business | comment : 0 Years after spending millions of Naira on campaigns and migration of the nation’s currency from paper prints to polymer notes, the Central Bank of Nigeria (CBN) has announced that it is ready to stop the printing of small denomination naira in polymer notes. The deputy governor, banking supervision Mr Tunde Lemo, in a statement on Sunday said the apex bank decided to scrap the polymer notes because they fade easily, despite earlier experiments which showed that the notes could last longer than paper notes. Mr Lemo adds that no new polymer note is being printed at the moment and the CBN will begin to produce the second generation of lower denomination notes sometime between June and July this year. The CBN deputy governor also appealed to Nigerians to be more care...