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Nigeria is to revert to paper banknotes, the country's central bank has announced, in a policy switch bucking a growing trend around the world for tougher polymer-based currency. The Central Bank of Nigeria (CBN) signed a deal in 2006 with Australia's Securency International to print lower more-circulated units of the naira in polymer, while higher denominations were kept in paper form. But six years down the line -- and after allegations that the manufacturer bribed foreign officials to secure contracts, including in Nigeria -- the CBN said it was being forced to reverse the policy. This explains why we did not go the whole hog by printing all the notes in polymer," central bank spokesman Ugochukwu Okoroafor told AFP.
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