Lagos - THE Central Bank of Nigeria ( CBN) said it will phase out polymer notes from circulation before the end of the year.
CBN Head of Corporate Communications, Ugochukwu Okoroafor, said the notes faded easily and were expensive to print.
He confirmed the plans at a forum held in Lagos on Monday.
The polymer notes will be replaced with conventional paper notes which will be printed in the country.
“We will print all the paper notes here in Nigeria but it is only when we have cash that we will print the Naira notes abroad. It depends on the volume the CBN intends to produce,” said Okoroafor.
Professor Chukwuma Soludo, former CBN governor, who insisted it was the best option despite coming against strong opposition from currency experts, introduced the notes in 2007.
Such notes incorporate many security features not available to paper banknotes, including the use of metameric inks.
While they fade easily, they last significantly longer than paper notes.
Okoroafor said that in spite of the CBN’s plan to print paper notes, the bank was still committed to transform the sector into a paperless industry.
“We want less of cash in the system. We are encouraging people to use their payment devices such as Point of Sale (PoS) machines, phone lines and ATM cards,” Okoroafor stated.
- CAJ News