CBN announces planned introduction of new N5000 note

by Isi Esene

The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has announced the apex bank’s plan to redesign the N50 note and introduce a N5000 denomination.

The governor attributed the proposed introduction of the high denomination note to “inflationary pressures”.

Sanusi also announced that three denominations – N5, N10, and N20 will be converted to coins making the overall Nigerian currency structure six coins and six notes. The other coin denominations are the 50kobo, N1, and N2 coins.

The CBN governor said “efforts are being put in place to ensure that the redesigned N50 and the new N5000 banknotes are launched early in 2013.”

Speaking on the tendency to reject the use of coins as legal tender, Sanusi said: “To encourage the usage of coins, the CBN will liaise with relevant MDAs, DMBs, road transport workers, market operators, small businesses, supermarkets, vendors, etc. to create avenues for the usage of the coins. The CBN will ensure that coin collection is convenient and the introduction of the new currency series will be a gradual process as the banknotes will circulate simultaneously with the old series until they are fully withdrawn from circulation.”

The proposed N5000 note will have the faces of prominent politician and social mobiliser, Margaret Ekpo (1914 – 2006); the late politician and activist Hajia Gambo Sawaba (1933 – 2001) and the late politician and women’s right activist Funmilayo Kuti (1900 -1978).

The CBN governor gave reasons for the planned introduction of coins to replace the polymer bank notes saying the benefits expected to be derived from its (polymer notes) use have not been realised.

He said the CBN have experienced difficulties in the processing and briquetting of the polymer notes, and the tactile feature for the visually impaired has not been as effective as desired.

He concluded by explaining the rationale behind the planned introduction of the N5000 note saying it would discourage dollarisation, reduce the volume of banknotes and the overall cost of currency management.

Comments (12)

  1. The man's name is Sanusi Lamido (not Lamidi) Sanusi. There is too much hatred in this country today. You so much hate the man that you can't even write his name properly. What is demonic about Islamic banking? Some Nigerians want Islamic banking simply because they don't want to pay or receive interest; what is the problem with that? You borrow N1 million and you pay 18% or more interest on that, now that is demonic. Ajayi, you remain free to go to other banks and take or give interest, it is your choice, o gini?

    Besides, Islamic banking was being considered by Pro Soludo before he left CBN, sanusi only took up from where the Prof left, abi?

    Talking about the N5,000 note, you should know that this is a global practice; Singapore has 10,000 dollar denomination and there is also 10,000 Yen in Japan. So, t5here is no big deal if Naija issues N5,000 note, ok?

  2. That 5000 note is sweet for money laundering tho', 2bundles is #1m… one ghana-must-go is #420m if well arranged. Lucky politicians…

  3. Sanusi Lamidi Sanusi, is this the best u can offer the teeming Nigerians? Ever since u debuted it's been dabbling frm one useless policy to another: frm demonic Islamic Banking, now to introduction of =N=5000 note – all to the ecstacy of our imbecile leaders who are always bent on finding new ways to loot our collective money. God will judge u and ur accomplices. Do u knw what the general populace of Nigeria are going thru?god will judge u people! Arrow CeeJay

  4. my fear is that when the 5,10&20 notes are turned into coins,the least price of goods will become 50naira thereby increasing the hardship of the poor masses while the professional looters will be happy at the news of the coming 5000 naira notes.

  5. instead of thinkimg of better things to do, all they know how 2 do is to create things which will not benefit d masses, will creatin #5000 note put an end to all D predicament Nigerians are facing? Its absolute nonsense, Mtcheew.

  6. Are u sure u a manager at bank of nigeria sha….cos dis your comment does not look like one coming from such post….how will 5000 note help in realizing d cashless policy….. Wat will help realizing d objectives and goals of cashless policy….is stable power supply, reliable internet connection and adequate infrastructures and equipment to ease online transaction. Not 5000 naira note.

  7. Are u sure u a manager at back of nigeria sha….cos dis your comment does not look like one coming from such post….how will 5000 note help in realizing d cashless policy….. Wat will help realizing d objectives and goals of cash less policy….is stable power supply, reliable internet connection and adequate infrastructures and equipment to ease online transaction. Note 5000 naira note.

  8. I think I buy dis policy….now that we are going cashless…I really enjoy the use of my ATM cards on POS even in a minute shop..

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