The Central Bank of Nigeria governor, Sanusi Lamido has announced the bank’s intention to introduce N5000 notes.
The CBN governor told reporters in Abuja on Thursday that the plan is will enhance the quality of banknotes, incorporate more effective features for the visually impaired as well as reduce the cost of production, distribution and disposal of banknotes.
“Under the new structures, the existing denomination of N50, N100, and N200, N500 and N1000 will be redesigned with added new security features,” the CBN governor said.
The lower notes of N5, N10 and N20 will be converted to coins.
The N5000 note will bear the faces of three prominent Nigerian female activists. The late politician and social mobiliser, Margaret Ekpo (1914 – 2006); the late politician and activist Hajia Gambo Sawaba (1933 – 2001) and late politician and women’s right activist Funmilayo Kuti (1900 -1978), will have their faces featured on the new note.
The redesigned N50 and new N5000 notes will be launched early next year.
When introduced, the naira currency structure will become 12, six coins and six bank notes denominations.
what do they plan to achieve with this?
My dear! Help me ask them. This sounds pretty stupid. What sort of banking or economic model do we follow? Is there any 5000dollar bill or 5000pounds bill or 5000euro bill in circulation? Why are we so stupid???
Cap banking made easier.
This is uncalled for now. Do we really nEed an additional note that will add to ouR problems. 5,000 note will increase the rate of inflation.
What’s with the coins ‘malam’. Even beggars on the street don’t wana use em so why u wana re-introduce em. So uYou forget that most average nigerians strugle to earn a thousand nairai or even five hundred naira a day and now u want to make it five thousand for a single naira note? I smell wikedness and evil conspiracy here. Watever the 5000naira note wil achieve the 1000naira note will achieve same! I guess its bigger currency bigger looting (…distribution and disposable of banknote).
How will that improve on our economy?
What value will it bring to the naira?
What can a coin buy in Nigeria?
Will the conversion of #5,#10 and #20 to coin not devalue them?
How much has been budgeted for this plan?
Is this Nigeria’s priority?
I wonder why our leaders keep giving us the impression that their interest is after corruption without putting into consideration the negative effect such interest would have on our Economy and the hardship it brings to Nigerians.
Ooh my dear commentators… Una no dey understand the logic??? its easy for them to steal ur money… in their evil brief case they always move about with… i knew thr will be a span for every reign…