CBN has gone back to its drawing board to stop the production of lower denominations of naira in polymer because it fades.Mr Tunde Lemo, the Deputy Governor, Operations said this on Sunday in an interview with News Agency of Nigeria(NAN). He said this at the ongoing meeting of the World Bank and the International Monetary Fund in Washington DC.
Mr Tunde Lemo said by the middle of this year, lower denomination notes will be produced in paper and not polymer anymore. He however pleaded that Nigerians should be patient and should know that it wasn’t the fault of the CBN.
Polymer notes will certainly phase out. No new notes is being printed in polymer now, he said. The apex bank has been given the contract of delivering the new notes from June.
Lemo lamented on the abuse of naira saying that he still goes to parties and see people spraying money, stepping on money, and touts distributing mints that should go to customers.He said the apex bank had talked to the police to reduce the abuse of naira, adding that the bank had right to arrest people who sold naira notes on the street