Nigeria prints N1,000 notes in Australia
 

Daily Champion

Lagos, 04.06.05

With the Nigerian Security Printing and Minting Company still struggling to find its feet, the Central Bank of Nigeria (CBN) has contracted the printing of the proposed N1000 notes to a firm in Australia.

Saturday Champion gathered exclusively that the new notes due for introduction possibly in October will be made of polymer instead of paper. The Australian currency note are printed in polymer.

The decision to opt for Polymer, it was learnt, is to have a naira note that will not contract dirt easily.

Several efforts made to speak to the CBN spokesperson Mr. Tony Edeh did not yield any fruit as he was not within reach as at the time of filing this report.

However, a source at the Apex bank's headquarters in Abuja confirmed that the new note will not be in ordinary paper form as other notes due to the rate at which Nigerians "abuse the naira".

He explained that the choice of polymer was because it lasts longer than the paper note even when nimpled or washed with clothes.

Similarly, in a chat with Saturday Champion, the Australian High Commissioner to Nigeria, Dr. Iain Dickie confirmed at the weekend that the notes were presently being printed in his country by a private firm.

He explained that the Australian currency was made of polymer rather than paper for durability, adding that it was the same technology that was being used for the naira note.

The High Commissioner specifically noted that from the information available to him, the first batch of the N1000 notes would be delivered to the CBN before October.

Dr. Dickie also stated that his country was also partnering with Nigeria in the area of solid minerals development and oil and gas.

The envoy disclosed further that Australian mining experts were already in Nigerian discussing with authorities. "We are an importer of investments, there are Australian mining experts who have been cooperating with the Ministry of Solid Minerals Development on ways to help develop the solid minerals industry. Nigeria has a lot of minerals but they are not well developed."