CBN TO ISSUE NEW N5,N10, AND N50 IN POLYMER SUBSTRATE LIKE THE N20 NOTE

In continuation of the currency reforms initiated by Professor Chukwuma Soludo, the immediate past governor of the Central Bank of Nigeria (CBN), the apex bank has said it will on September 30, 2009 issue a total of 1.915 billion notes in N5, N10 and N50 denominations using polymer substrate format.

The new notes which will be launched by President Umaru Yar’Adua, is to replace the existing paper mode in the affected denominations.

Central Bank of Nigeria Governor, Mallam Sanusi Lamido, who briefed the press in Lagos on Wednesday said the extension of polymer substrate was due to the cost effectiveness of the base material and its long lasting nature.