The Central Bank of Nigeria (CBN), said it will commence the issuance of 1.9 billion new polymer currency notes of N5,N10 and N50 denominations.
Its governor, Malam Lamido Sanusi, said this yesterday, adding that President Umaru Yar’Adua will launch the new notes on September 30.
He said; “The existing denominations of N5, N10, and N50 paper notes remain legal tender and will circulate side by side with the new polymer notes for the next six months. The new N5, N10, and N50 polymer notes have retained their current sizes, designs and other key elements. Only the watermark has been replaced with the transparent window and G-switch which turns from green to gold when the note is tilted.”
The CBN in 2007 commenced a currency restructuring programme. Consequently, the N5, N10, N20 and N50 were redesigned and issued into circulation.
According to Sanusi; “To enhance the durability of bank notes and sustain Central Bank’s clean policy, the N5, N10, and N50 were varnished on both sides while the N20 note was printed on polymer- a plastic material made from petrochemical products.”
Explaining rationale for converting the N5, N10, and N50 paper notes to polymer notes, Sanusi said, the objectives of the currency reforms were substantially achieved with the cost of printing banknotes reduced, while the polymer note found to last longer in circulation.
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