Daily Trust (Abuja)

Nigeria: CBN Enters Discussion With Senate on Currency Restructuring

29 August 2012

The Central Bank of Nigeria (CBN) says it is discussing its proposed currency restructuring policy with the Senate. Mr Ugochukwu Okoraofor , the CBN Director of Corporate Communications, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday.

He also said that the apex bank did not intend "in any way" to implement the proposal without the Senate's consent. "We have entered discussion with the Senate carefully because we want their approval.

"The law is very clear on this matter and it must not be forgotten that the CBN Act empowers us to restructure our currency system. "I am sure that in a day or two, we will end all discussions on the matter," he said.

It could be recalled that the CBN had made public its intention to restructure the nation's currency system. The apex bank said it planned to introduce N5,000 naira notes and coin the N5, N10 and N20 notes in 2013, under a programme it tagged "PROJECT CURE."

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  • Mwada D nggada
    Aug 30 2012, 03:35
    Report Abuse

    Please senete don,t agree with CBN pls becouse we the mases are only using with the N20,10,and N5 which they said that it will be in coins,pls senet let that be in polyma peper pls,it is the money that poor people use day in day out.

  • Mwada D nggada
    Aug 30 2012, 03:37
    Report Abuse

    Please senete don,t agree with CBN pls becouse we the mases are only using with the N20,10,and N5 which they said that it will be in coins,pls senet let that be in polyma peper pls,it is the money that poor people use day in day out.