CBN To Change N5, N10, N20 and N50 From Polymer To Paper

Mr Tunde Lemo, the Deputy Governor, Operations has said that the CBN would stop the printing of lower denominations of the naira in polymer because it fades easily. In his words,
 “By the middle of the year, we will start producing the lower denomination notes in paper not in polymer. My plea is that Nigerians should be patient with us. It wasn’t the fault of the CBN, it is just because we have to go back to the drawing board.
“We will correct that in the course of the year. Polymer certainly will be phased out. In fact, no new note is being printed in polymer now." It has been proved that the paper note lasts longer.
He said CBN had awarded contract for the printing of the higher denomination notes to a foreign company because of the capacity issue around the mint. According to him, the apex bank will, from June, take delivery of the new notes. Lemo made the plan known in an interview on Sunday at the ongoing Spring Meeting of the World Bank and International Monetary Fund in Washington DC.