It is no longer news that the Central Bank of Nigeria (CBN) will introduce the N5,000 note into circulation in 2013 as part of a comprehensive currency restructuring exercise and also the lower naira denominations of N20, N10 and N5 will be made coins. The front face of the highest denomination will be adorned with the pictures of late Margret Ekpo, Fumilayo Kuti and Hajiya Gambo Sawaba. BLESSING IKANI analyses the implications of introducing the N5,000 note.
According to the Central Bank of Nigeria (CBN), Governor Sanusi Lamido Sanusi, the existing N50, N100, N200, N500 and N1,000 would be redesigned with new security features and launched at the same time stressing that president Goodluck Jonathan has approved the new currency series and also approved that the N20, N10 and N5 be converted into coins and used as legal tender along the existing coins of 50k, N1 and N2. This new development is believed to be the first major currency restructuring in seven years which was done by the then CBN Governor, Prof Charles Soludo, in 2005 leading to the introduction of the N20 polymer bank note.
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