Yar’adua launches new Naira Notes

The Central Bank of Nigeria (CBN) will, tomorrow release new N5, N10 and N50 polymer banknotes into circulation to coincide with Nigeria’s Independence Anniversary. The new notes will be launched by the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, Alhaji Umaru Musa Yar’Adua, GCFR, at the Presidential Villa, according to a statement issued

 today by the bank’s director of currency and branch operations, Ben C. Onyido.

The N5, N10 and N50 polymer notes, which have retained their current designs, also have the essential polymer features (like the N20 note) to enhance security of the notes.

The existing denominations of N5, N10 and N50 paper notes, however, remain legal tender and will circulate side-by-side with the new polymer notes for the next six (6) months (i.e up to March 31 2010).

The statement indicated that banks have established exchange windows to enable the public to exchange their genuine old “paper” banknotes with the new polymer notes.