The Central Bank of Nigeria (CBN) on Thursday announced that it is going to introduce N5,000 note into the system by early 2013.
The governor of the CBN, Sanusi Lamido said that the plan is aimed at enhancing the quality of banknotes, incorporate a more effective feature for the visually impaired as well as reduce cost of production, distribution and disposal of banknotes.
“Under new structure the existing denomination of N50, N100, N200, N500
and N1000 will be redesigned with added new security features. In the
same vain, the lower bank notes of N5, N10 and N20 will also be coined.
Consequently, the naira currency structure will now be 12. These are six
coins and six bank notes denominations,” Sanusi added.
The faces of three prominent Nigerian female activists are to be used on the new note. They are those of late politician and social mobiliser, Margaret Ekpo (1914 – 2006); late politician and activist Hajia Gambo Sawaba (1933 – 2001) and late politician and women’s right activist Funmilayo Kuti (1900 -1978).
The crux of the matter is: for who and to what benefit is this move? Olufamous.com observed that 50kobo and N1 have since been made into coins, and Nigerians have also ignore these currencies. Nobody wants to carry coins around. Goods in the market are now priced at "round figures" to avoid the use of coins.
Higher denomination also made it easy for politicians to steal huge amount of money without stress.
So if Nigerians don't use coins, why is Sanusi in a hurry to turn more currencies into coins? The National Assembly should conduct public hearings on this issue before CBN kill our currency further.
The faces of three prominent Nigerian female activists are to be used on the new note. They are those of late politician and social mobiliser, Margaret Ekpo (1914 – 2006); late politician and activist Hajia Gambo Sawaba (1933 – 2001) and late politician and women’s right activist Funmilayo Kuti (1900 -1978).
The crux of the matter is: for who and to what benefit is this move? Olufamous.com observed that 50kobo and N1 have since been made into coins, and Nigerians have also ignore these currencies. Nobody wants to carry coins around. Goods in the market are now priced at "round figures" to avoid the use of coins.
Higher denomination also made it easy for politicians to steal huge amount of money without stress.
So if Nigerians don't use coins, why is Sanusi in a hurry to turn more currencies into coins? The National Assembly should conduct public hearings on this issue before CBN kill our currency further.
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