Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN phases out unpopular notes

18 June 2013, 09:17

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

Tags cbn

Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...