The Central Bank of Nigeria has stopped the printing of small denomination (N5, N10, N20 and N50) naira notes in polymer because they fade quickly. The Deputy Governor of CBN, Mr. Tunde Lemo, disclosed this in an interview with the News Agency of Nigeria on Sunday in Washington on the sidelines of the ongoing Spring Meeting of the World Bank and the International Monetary Fund. He said, "By the middle of the year, we will start to produce the second generation of lower denomination notes, now in paper and not in polymer." "My plea is that Nigerians should exercise patience; it wasn't the fault of the CBN; it was just because we had to go back to the drawing board to rethink the 'Project Cure' in the light of the wish of the public that we should not go ahead with the N5,000 notes and lower denominations. "We will correct that in the course of the year. Polymer certainly will be phased out. In fact, we are phasing out polymer. No new note is being printed in polymer now." "So, part of 'Project Cure' was actually to move away from polymer substrate to paper; unfortunately, we had a push-back because of the issues around N5,000 note and coins. He said the bank would begin to receive the fresh notes from June.