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. They 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.