Abuja - The Central Bank of Nigeria (CBN) says it resolved to discontinue printing the naira in polymer notes so as to take away the monopoly of printing the currency from the Australian firm, Daily Times reports.
The apex bank said the as a result of the monopoly, regulator was always forced to pay whatever amount the firm charges.
Under the proposed new currency structure, the existing notes of N50, N100, N200, N500 and N1,000 are to be redesigned with added security features. The N5, N10, and N20 notes will be replaced as coins, while a N5000 note will be introduced.
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