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CBN: New Smaller Denomination Notes Out In December

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CBN-Building3The Central Bank of Nigeria (CBN) on Friday said that the new smaller denomination notes that will come in paper form would be in circulation before December.

Mr Tunde Lemo, Deputy Governor, Operations, said this while briefing newsmen on the sideline of the ongoing Annual meeting of the World Bank and the International Monetary Fund.

The smaller notes are N5, N10, N20 and N50 notes.

“The smaller denomination notes are being supplied by the printers and before December, you will no longer see tattered notes all over.

“As I said, I have apologised to Nigerians that the reason we had old notes that are still in circulation was because of the issues around Project Cure.

“We had earlier thought last year that we will transmit to a better note family which we code-named Project Cure.

“But because of the issues around N5,000 notes and the  resentments of changing the N5, N10 and N20 to coins, we had to go back to the drawing board and that was what has  caused the delay.

“According to him, the new smaller denominations will be in paper form with their features.

“They will be on paper since we didn’t succeed in convincing Nigerians that those smaller denominations should be in coins.

“But there will be a time in the future when we will all understand why they have to be coined.

“But now, we are back to status quo ante; that is they will reappear in the old form that they were except that they are going to be in paper not polymer.”

Lemo said that since 2009 the spending on printing of currency had been on the decline.

He attributed that to the efficiency in distribution of the currency and printing of more of the higher denomination notes.

“We used to spend N13 printing N1000 notes, if we had succeeded in printing N5,000 notes, we would have spent only N18; that meant that would have also reduced the cost of printing.

“That was the message we were trying to transmit to Nigerians,” he added

On the difference in the cost of printing in polymer and paper, he said that it was cheaper printing in polymer.

“We would have spent less printing polymer because polymer substrate lasts four times longer than paper and it costs only 150 per cent more.

“Unfortunately, whereas the substrate lasts four times longer, the ink fades pretty faster and so what’s the use of the substrate whose ink has faded and that was partly why we disengaged from polymer.”

On the cashless policy, he said that there had been improvement in the use of electronic channels for money transactions in the country.

Lemo said the volume of electronic fund transfer transactions were three times more than the volume of cheques.

He added that N11 billion transactions were made through mobile payment last month, adding that more activity had been going on through the electronic channel unlike before. (NAN)

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4 Comments

4 Comments

  1. Eunice Offor

    October 12, 2013 at 7:27 pm

    Gud concentration

  2. Lekan Olusoji

    October 12, 2013 at 10:00 pm

    That will be better than the polymer

  3. Adeniyi N Jimoh

    October 13, 2013 at 3:29 am

    Pls, my comment is, if u can imployed d smallest denomination like N50, N100 & N200 in d electronic m/c is good

  4. com.jamiu adewale

    October 13, 2013 at 11:09 am

    kudos to CBN mang, improve on polymer not paper, printing of paper will increase cost of minting and printing because paper will blunt with ink and easily abused. in notshell there is low cost of printing polymer as you said improve on it.

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Metro News

BREAKING: Police Arrest Suspects As Explosion Rocks Wike Father’s Church

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BREAKING: Police Arrest Suspects As Explosion Rocks Wike Father’s Church

Nyesom Wike

An explosion has reportedly rocked a church belonging to the father of Rivers Governor, Nyesom Wike, in Port Harcourt, the state capital.

The Rivers State Police Command has however announced the arrest of three suspects who allegedly detonated explosives at a Pentecostal church, Christain Universal Church International, located at Mile 3, Diobu area of Port Harcourt.

Also Read: Buhari Will Set Nigeria On Fire If He Doesn’t Implement People’s Demands —Wike

The act was reportedly carried out on Saturday night and detonated the explosives suspected to be dynamite.

According to reports, a significant part of the church was damaged by the explosion, which created panic in the area.

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Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

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 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.

 

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Tech News

TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities

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The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
cashback.

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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