The Central Bank of Nigeria (CBN) will stop printing the naira in polymer notes by the middle of the year because they fade quickly, its deputy governor Tunde Lemo has said.
“By the middle of the year, we will start to produce the second generation of lower denomination notes, now in paper not in polymer,” he said yesterday in Washington on the sideline of the ongoing Spring Meeting of the World Bank and the IMF.
“My plea is that Nigerians should exercise patience with us; it wasn’t the fault of the CBN, it was just because we had to go back to the drawing board to rethink ‘Project Cure’ in the light of the wish of the public that we should not go ahead with the N5000 notes and lower denomination.
“We will correct that in the course of the year. Polymer certainly will be phased out. In fact, we are phasing out polymer. No new note is being printed in polymer now.”
Lemo disclosed that when the CBN was going to introduce the polymer currencies, its search showed that they could last longer than ordinary paper notes.