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Central Bank of Nigeria to redesign Naira notes & introduce a N5,000 note
| August 24, 2012
The Central Bank of Nigeria (CBN) will introduce a N5,000 note and N5, N10 and N20 coins next year as part of a comprehensive review of Nigeria's currency. The N50, N100, N200, N500 and the N1,000 notes will also be redesigned and will have added security features. In an announcement, the Governor of the Central Bank, Mallam Lamido Sanusi, said that the N5,000 note would be introduced next year and will feature the images of three prominent Nigerian female activists - Margaret Ekpo (1914 - 2006), late politician and social mobiliser; Hajia Gambo Sawaba (1933 - 2001) a politician and activist and Funmilayo Kuti (1900 -1978) a politician and women’s right activist. The other side of the note will have a picture of the National Assembly. The CBN said that the exercise would lead to an upgrade of the design of the entire range of Nigeria's currency denominations, to enhance their quality and integrity, incorporate more effective features for the visually challenged, and introduce new security features on the newbanknotes. The CBN Governor said, " We are about to embark on another comprehensive review of our national currency structure. As a means of realising these objectives, several entities have collaborated to redesign the new currency series. These include the Currency Operations Department, the Nigerian Security Printing and Minting Company and competent international consultants. On November 28, 2011, the CBN Board considered and approved the new currency series. It subsequently sought and, on December 19, 2011, obtained the approval of President Goodluck Jonathan." “Under the new structure, the existing denominations of N50, N100, N200, N500 and N1,000 will be redesigned with added new security features. It is also our pleasure to inform you that a new high currency denomination will also be introduced. It is the N5,000 note. In the same vein, the lower banknote denominations of N5, N10 and N20 will be coined. Consequently, the naira currency structure will now be 12 and efforts are being put in place to ensure that the redesigned N50 and the new N5,000 banknotes should be launched early 2013.” “Efforts are being put in place to ensure that the redesigned N50 and the new N5,000 banknotes are launched early in 2013.” "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.There will be no urgent need for exchange of the old for the new bank notes by the general public for as long as the old banknotes are in circulation, they will remain legal tender." “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.” Reacting to concerns of inflation increases from the introduction of higher denominations , the Central Bank gobvernor said: “Inflation in Nigeria is a monetary phenomenon. Secondly, in some countries such as Singapore, Germany and Japan, the highest denominations are 10,000 SGD, 500Euro and Yen 10,000, respectively. “These denominations have relatively high dollar equivalent. The levels of inflation are, however, low at 2.8, 1.1 and -0.7, respectively as at 2010. We believe that the introduction of a higher bill would complement the bank’s cashless policy as it would substantially reduce the volume of currency in circulation, particularly in the long term.”

(3) Comment


"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
Pastor Commander Samyoung Onwuzulike    Washington, DC, USA.    August 28, 2012
I laugh at Nigeria's gods who think yesterday is today. Sanusi we have arrested you and your Kora friends who want to enslaved Nigeria economy. Your plan has failed, whereby your Kora friends will go outside to print 5000 notes to give them edge over Nigerians added to what they have already done to Nigeria economy. The greatest problem of man is to know what he is, Nigeria have many Messiahs but they do not know their calling this was my problem for long. Watch out Nigerians from now how we shall send these Nigerian gods to prison of death, to free Nigerians enslaved by these Men who were made gods over Nigerians by law.(John 10:34,35. Pslam 82:6)
Uduak    Uyo, Nigeria    August 24, 2012
I apreciiate d currency it wil b easy to carry
OMOTAYO, J. A.    Lagos, NIGERIA    August 24, 2012
Foul! God forbid that the proposed redonimination takes place in Nigeria. Otherwise, Nigerians are doomed! Mr. Sanusi Lamido Sanusi has run out of ideas. It is very insulting that he would take Nigerians for granted by mentioning Germany, Japan and European Community.

Must we not ask him the comparism between the GDP of Germany, Japan and European Commnunity on the one hand and Nigeria on the other hand? What do we produce in Nigeria and what is the total value? Must we not ask him what Nigerians benefited from the introduction of N100, N200, N500 and N1000 denominations between year 2000 and today? Must we ask him hom many industries ahve collapsed?

Must we not ask him how corruption has been accentuated by the higher denominations? Must we not ask him how increase in money supply between 2000 and today has made prices of items jump by 300% to 2000% percent using 1999 as base year? A mediocrity like Mr. Sanusi should never have been elevated to manage such a sensitive organisation. I shall revisit this issue more comprehensively in a subsequent article.
God save Nigeria.
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