Nigeria: N5,000 Note As Red Herring!

29 August 2012
opinion

THE Central Bank served an advance notice of the introduction of a N5,000 note as well as the redesigning of the existing currency profile; under the proposed arrangement, six of the denominations i.e. N5,000, N1,000, N500, N200, N100, N50 will remain in notes form, while N20, N10, N5, N2, N1 and 50K will circulate as coins.

CBNs confirmation of 2013 as the takeoff date of the new currency profile seems to have jolted the nation and Nigerians have unequivocally challenged the raison d'etre for the introduction of the new design notes and coins at a cost estimated at over N40bn; an amount which critics allege could have been better utilised in remediating some of our severe social and infrastructural deprivations.

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