Central Bank Of Nigeria To Introduce N2000 & N5000 Notes

25
...
...

In an attempt to reduce the volume of cash baggage and security exposure in cash transactions, the  may be contemplating the introduction of new currency denominations of N2,000 and N5,000.

The bank has also made plans to convert N5, N10, N20 and N50 into coins which are all presently notes.

The policy would make it easier to move large quantities of cash around with little exposure to risk, but financial critics have suggested that it would be a contradiction to the CBN policy to migrate to a cashless economy.

Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to LEADERSHIP SUNDAY, however, said he could not confirm that the bank’s governing board was thinking of introducing two new denominations in addition to the existing ones.

Okoraforwho made no outright denial that such a policy was being contemplated, said instead that he had to get further clarification from the bank’s leadership. And as at press time yesterday, the CBN spokesman was unable to reach any of the bank’s directors.

But a source who is a staff member of the bank told LEADERSHIP SUNDAY, under the condition of anonimity that, “The top management of the CBN have decided to introduce currency denominations of N2,000 and N5,000. This is being done in the best interest of the economy.”

Read more

SHARE

25 COMMENTS

  1. The plans to introduce the new currency denominations of 2000 nd 5000 is a good 1 BUT it is also an avenue for politicians who squander and lute Nigerian’s money to be able to carry more and steal more

  2. This will only lead to inflation as it is evident in the past that majority of nigeria business men and women (retailer,wholesalers,transporters e.t.c)does not like coins.Therefore they will increase price of any commodity sold for coin to note

  3. i dont under they dont even think of inflation any longer . Just stealing stealing and stealing na watin den sabi. Big Fools

  4. They want to create a new means to steal our money,,, they don’t also think of inflation because it deos not affect them,,, p2 go remix chop my money for politicians,,,,,

  5. Its really good but what I don’t understand is the aspect of changing the N5-N50 notes to coin, this will cause inflation on the prices of goods and decrease in the value of money.

  6. 9ja’s finished…this is the genesis of another bout of inflation..Pretty intelligent fools @ CBN.Kudos to ur foolishness..Economics ko,Banking ni.Dullards(Stupid selfish thieves)

  7. Na wa 4 u people oo,hw can u people say dat una wan introduce #2000 and #5000 note,u na wan kill people,wetin una wan make poor people do?abi una wan mak dem go thief?mak una no try am abeg.

  8. Either they get some real economic experts to convince mi otherwise,i think its another deadly blow to d economy,inflation being d least!

  9. Haaa! Regretably lugubrious…. This is an impulsive and a life threatning decision.
    Their plan is to easily differentiate the POOR from RICH so as to enlarge the GAP that already exist between them. They are sons & daughters of perdition…

  10. I thought we have intelligent people up there? Must the cbn governor innovate a currency? Then what will happen to the economy? When another hero died and another governor is there, he will print N50,000 note in his honour. Our leaders should pls wake up and see the future of our fatherland instead of devicing a means to steal. Lets forget higher currency denomination and practice the cashless policy plan of the cbn pls, SANUSI!!!

  11. Wao, Nigerians a policy per day all in the name of better economy. Pls just remember that there some people in the country leaving in agony becous of poverty. E jowo o e ma ko gbogbo owo wa je tan nitori oloyinbo ni what goes around comes around.

  12. We citizen will don’t need all dis,they just want 2 give we citizen punishment,it because of there own interest, because everything will cost because of dis new note,i am begging u our leader on behalf of nigeria people don’t chang our currency.

LEAVE A REPLY