Survey report coordinated by Afonja, F.A., Head, FIC, Oshogbo
Mixed reactions have greeted the Central Bank of Nigeria (CBN)'s intention to withdraw the polymer currencies as legal tender in the country. This was the outcome of an investigation conducted by team of Information Officers at Federal Information Centre, Osogbo, Osun State on the proposed plan by the apex bank.
More than eighty percent (80%) of respondents agreed that the currencies that are in denominitations of N5.00, N10.00, N20.00 and N50.00 be withdrawn from circulation and replaced by their old paper forms.
They agreed with the CBN's reasons for its plan to re-introduce the paper quality type that the denominations were earlier minted before their change to polymer quality. Some of the excuses that the polymer currencies lack durability as they are vulnerable to quick wear and tear and change of colour. They added that the polymer type cannot withstand pressure.
However, some respondents cautioned the Central Bank of Nigeria to do its home work properly before embarking on the change. They opined that the next types of paper denominations must combine the qualities of both the paper and polymer types. This, according to them is that the new currencies must not absorb dirt as in the case of the old paper; should be water-resistant and should not easily change colour like the polymer.
AFONJA F.A, Head of Centre, Osogbo coordinated the survey which led to this write-up subscribed from Osogbo, Osun State.
Via: Federal Ministry of Information (FMI) Nigeria
Central Bank of Nigeria really need to take drastic steps to make things right with banking policies in Nigeria.