The N5, N10 and 50 denominations will be converted  from paper to polymer notes to reduce the cost of  printing, Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi said Wednesday.

CBN is producing 1.95 billion pieces of the notes, which will be launched by President Umaru Ya’Adua in Abuja on September 30, to ensure  wide  circulation.

Sanusi said the introduction of the notes was part of the currency restructuring initiated by the CBN few years ago.

According to him,  CBN has since 2007 agreed to challenge more notes to polymer. N20 was changed  to polymer note that year.

He said: “It will be recalled that four lower bank note  denominations of the Nigerian currency  (N5, N10, N20 and N50) were  redesigned and issued into circulation  on February 28,2007. The redesign of the Nigerian currency was in conformity with international best practice which requires that the currency structure be reviewed periodically to  safeguard the integrity of the currency as well as the efficiency and  cost effectiveness”.

Sanusi and the objectives of the 2007 currency reforms were achieving cost reduction in bank note printing, enhancing the durability of banknotes, recycling of polymer notes to reduce urban filthiness and  sustaining central’s Bank’s clean notes policy.

Polymer notes, he said, reflect modern designs in currency production, adding that their sizes  are reduced to fit into people’s wallets. Other features are special symbols to ensure identification, streamlined security features and absence of the + N= sign.

He said the values of the currency were translated into Hausa, Igbo and Youruba for easy recognition by most Nigerians.

Sanusi said the existing N5, N10 and N50  denominations remain  legal  tender, adding that they would circulate side by side with the  new polymer notes for six months.

Director of currency operations, Mr Ben Oyindo said the printing of polymer notes is cost effective than paper currency.

Oyindo, said CBN decided to print the polymer notes abroad due to its large volumes. He said: “We produced the new notes abroad due to its large volumes. This is cheaper than producing  them locally. We are saying that relatively the N20 polymer notes lasts longer. The longer the life span, the better for CBN”.

Oyindo said the Nigerian Minting and Printing Company is working well, adding that printing currency abroad has nothing to do with the state of the mint.

He said CBN had printed 136 billion pieces of N20 in polymer format in the country, noting that the development showed that Nigeria could print some of it currency notes locally.

He said no currency was imported into the country last year because the mint is no good state.