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The Central Bank of Nigeria (CBN) will very likely release into the
market on September 1, 2012, a N5,000 currency, under its on-going
currency and payment reform scheme. The currency, according to a very
reliable and close source in the apex bank, was considered because of
the CBN’s cashless policy, which will be extended to other parts of
Nigeria by next year.
The
source also disclosed that the N5000 currency is like a guarded secret
by the CBN, which it plans to release as a surprise to the market. The
N5,000 single note will be the fifth note to be introduced into the
economy in 13 years.
The first was N100 introduced in 1999, by the
then Governor of CBN, Mr. Joseph Sanusi. Also, in 2000 and 2001, N200
and N500 denominations, respectively were introduced into the economy.
The apex bank also in 2005 launched the N1000 denomination under the
immediate past Governor of CBN, Professor Chukwuma Soludo.
It is
speculated that the late President Umaru Yar’Adua’s head will be the
bust on the note as mark of honour to him for his contributions to the
polity and national economy.
Our source disclosed also that the
CBN plans to make the currency a bit scarce unlike other currencies to
ensure it does not disturb the volume of money in circulation or cause
adverse effect of inflation.
However, on contact with
the CBN on phone, a top officer denied any such plan. The official told
Daily Sun that it was not true that the apex bank ever comtemplated a
plan. “Forget that story. It is not true,” he said.
Source; Sun
