The Central Bank of Nigeria (CBN) has disclosed that the planned introduction of N5,000 note and coins in 2013 will save the economy N7 billion yearly. The CBN had two weeks ago announced its plan to restructure the currency which includes the introduction of N5,000 note as the highest denomination while N5, N10 and N20 are to be coined. Speaking to journalists in Lagos on Monday, Ugochukwu Okoroafor, director, corporate communications, CBN, said the restructuring of the currency will reduce cost of currency management. Citing example from the United Kingdom (UK) which is currently reviewing its currency, he explained that the planned currency restructuring was in line with global best practice which demands that countries restructure their currencies once in a while to be ahead of counterfeiters. The new currency structure will put in place features that will aid the visually challenged to identify a particular currency. It is also an opportunity to incorporate the less privileged, the CBN said.
“We are recognising women in the new currency restructuring and this is the first time we are recognising eminent Nigerian women”, he said. Against criticism that the introduction of N5,000 note will cause inflation, Okoroafor explained that it will not because there would be no change in money supply. He said there is need for a change in consumption pattern of Nigerians. “Let us look at the true causes of inflation and address it”, he said. Furthermore, the CBN spokesman noted that some people are using dollar as a store of value, adding that the apex bank intends to ensure that dolarisation is reduced.
if u attack my papa house, I'll retaliate but if you are peace loving,I will embrace you
Posted: at 11-09-2012 06:57 AM (12 years ago) | Hero
Producing 5000 thousand will cause inflation even if we want †☺ honour our woman is not by printing 5k theirs lot of way we can honour them dan 2 cause inflation
Posted: at 11-09-2012 08:11 AM (12 years ago) | Newbie
dlimelite at 11-09-2012 08:27 AM (12 years ago) (f)
Nigeria needs to learn from countries like Zimbabwe who are going through the same case. Zimbabwe has a currency of 100 TRILLION DOLLAR. 1 ZWD = 0.002 USD. Theyre suffering serious inflation. They have to bring bags of money just to buy a loaf of bread: 100 billion Zimbabwe dollars. Nigeria is walking in the path of Zimbabwe
Posted: at 11-09-2012 08:27 AM (12 years ago) | Hero
Sanusi is anti-GEJ bt Goodluck is so dumb 2 knw it. Sanusi want to potrate Goodluck as a bad leader b4 Nigerians dat is why he is bringing all dis senseless policies & Goodluck is jst dancing around him like a fool (MUMU)...Hisssssss
Posted: at 11-09-2012 11:05 AM (12 years ago) | Hero
He is doing all dis 2 block Goodluck chance in 2015. He is doing all dis 4 Nigerians to dislike Goodluck leader theyby nt supporting his re-election. Abi sanusi think say we no knw him plan? If nt, Why introducing cashless policy & at d same time introducing N5000 note? What is then d excess of d cashless policy when u can easily pocket N100,000. Sanusi knw wetin e dey do... na mumu e be.
Posted: at 11-09-2012 11:12 AM (12 years ago) | Hero
He is doing all dis 2 block Goodluck chance in 2015. He is doing all dis 4 Nigerians to dislike Goodluck leadership theyby nt supporting his re-election. Abi sanusi think say we no knw him plan? If nt, Why introducing cashless policy & at d same time introducing N5000 note? What is then d excess of d cashless policy when u can easily pocket N100,000. Sanusi knw wetin e dey do... na mumu e be.
Posted: at 11-09-2012 11:15 AM (12 years ago) | Hero
Sanusi, just listen to me, if you eventually introduce the N5,000 note, God will surely punish you because you are about to cause a great inflation in this country and also devalue the Naira.
If you want to review the currency and honour women at the same time, look for another way of doing that. Don't spoil the country the more, because the country is spoiled a great deal already.
Posted: at 11-09-2012 01:01 PM (12 years ago) | Gistmaniac
chieduomoile at 11-09-2012 02:21 PM (12 years ago) (m)
If this will save nigeria 7 billion, that is on the advantage in a year how much will it cost a nigerian per year as a result of the inflation that this will bring . I dont know the plans of the central bank Governor, minister of finance and economic planing . DO THEY HAVE LEANED MEN IN THEIR MINISTRY WHO KNOW WHAT THEY CALLED STATISTICS WHO CAN ANALISE THE ECONOMIC FUTURE OF THE COUNTRY . MY QUESTION IS THIS: These governors and ministers do they go day school or night school ? . I think for mentioning that ,the governor shoud resign so that he wiil allowed light to come into the country.
Posted: at 11-09-2012 02:21 PM (12 years ago) | Newbie
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