• Wednesday, December 06, 2023
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CBN reiterates plan to phase out polymer notes


The Central Bank of Nigeria (CBN) on Monday reiterated its decision to change some naira notes from polymer to paper.

Ugochukwu Okoroafor, head of corporate communications department of CBN, however, told the News Agency of Nigeria (NAN) in Lagos that the change would be gradual.

It would be recalled that the deputy governor of CBN, Tunde Lemo, on April 2013, in Washington, said there were plans to withdraw the polymer notes.

Okoroafor said that there was no fixed date for the change, but the apex bank would complete the phase-out before December 2013.

“We will print all the paper notes here in Nigeria as usual, but it is only when we have cash in hand that we will print the naira notes abroad.

“It depends on the volume the CBN intends to produce. Our hope is to print everything here in Nigeria”, he said.

Okoroafor said that the change became necessary because of the challenges associated with the use of polymer notes.