Nigeria cancels production of polymer notes

The Central Bank of Nigeria has announced it will stop the production of polymer notes and will return to paper banknotes. The main reason for this step is the fading of the banknotes, especially the smaller denominations. The Central Bank had organised numerous campaigns educating the public on the use of banknotes but apparently to no avail.

The deputy governor has announced that production of new polymer notes has already been cancelled. By the middle of of 2013 the bank will begin producing paper money again, starting with the lower denominations.

Update 27 November 2013: read here.

Steven Tuesday 23 April 2013 at 08:05 am | | news
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