CBN Phases Out Polymer Notes

                          

The Central Bank of Nigeria (CBN) has announced that it is set to phase out polymer notes in the country by the end of June this year.

Mr. Tunde Lemo, the Central Bank Deputy Governor, in an interview with the News Agency of Nigeria, said the reason they were taking the action was because the polymer notes fade out easily.

"By the middle of the year, we will start to produce the second generation of lower denomination notes, now in paper and not in polymer. . . " he said.

But to give the guy some credit, he added. . .

". . . However, with the benefit of hindsight, we probably should not have adopted polymer because, yes, the substrate lasts longer, but the in-consubstrate began to fade; we didn’t realise that at the time of introduction."

We wish more 'foresight' would be employed by our leaders at all times. . . but not to worry. . .

. . . We have hindsight!