“We were held ransom by polymer note printers” – CBN spokesman (and other stories)

Sanusi Lamido Sanusi: No going back.

by Isi Esene

The Central Bank of Nigeria (CBN), through it Deputy Governor, Operations, Tunde Lemo, today revealed that one of the reasons for pursuing the phase-off of the polymer currency notes is to halt the undue advantage held by the Australian firm printing the notes.

Lemo explained that under the monopoly which the CBN found itself, the apex bank is obliged to pay the printing company, Securency International Pty Limited, whatever amount it charges knowing there are no alternatives available to the bank.

According to reports, he said, “Securency is the only producer of polymer currency in the world and so the CBN has been resorting to single sorting for banknote,” said Lemo. “This, we think, is not good for the country. Even though the plan is to coin N5, N10 and N20, the N50 note will be converted to paper currency. However, if Nigerians show preference for retaining the N5, N10 and N20 in banknotes instead of coins, it shall no longer be in polymer.

The destruction of banknotes made of polymer has proved to be a challenge in Nigeria from an environmental perspective. Briquetting (destruction of unfit banknotes) of polymer is not always easy because it is made of polythene and emits substances that are not environmentally friendly.”

The CBN spokesman, Ugochukwu Okoroafor consolidated Lemo’s position saying, “We need to take back all our patents and right. Right now, some of the patents and rights do not belong to Nigeria or the CBN. We had a rude shock when that became an issue when we wanted to print a particular set of notes. So we are using this exercise to take back that right. If it belongs to Nigeria, nobody will hold us to ransom.”

Okoroafor explained that currency review is not an unusual occurrence citing other countries who have recently done same.

He said, “Every currency gets reviewed once in a while. Right now, the United Kingdom is reviewing its currency. So currency review is something that we must do.  As a monetary authority, it is our responsibility enshrined in the CBN Act 2007.”

So, for the umpteenth time, the note stays.

Comments (3)

  1. I don't knw y our leaders take us 2 be fools

  2. The CBN is so confused with the Governor as the most confused. Obviously, d apex bank wants Nigerians opinion on d continous usage of d polymer or not. Yet dy don't want our opinion to count on d rejection of the 5000note. Ds guys are….smh

  3. I remember when the CBN wanted to introduce these polymer notes;Next released an investigative report about it,revealing that bribes were paid&what not.The CBN denied it.can they now say that all these challenges are just becoming known???

Leave a reply

Your email address will not be published.

cool good eh love2 cute confused notgood numb disgusting fail