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Friday, August 24, 2012

Naira to change again, has CBN introduces 5000 Naira Note

The Central Bank of Nigeria on Thursday announced a comprehensive review of the structure of the nation’s currency that would lead to the introduction of a N5,000 bill as the highest naira denomination next year.
The N5, N10 and N20 notes  will also be converted to coins as part of the review.
The CBN Governor, Mallam Lamido Sanusi, who made the announcement while briefing journalists in Abuja, said the bank would, early next year, introduce the N5,000 note.
Sanusi said the new N5,000 note would have the portraits of three women who fought for the country’s independence.
They are Mrs. Margaret Ekpo, Mrs. Funmilayo Ransome-Kuti and Hajiya Gambo Sawaba. In addition, Sanusi said the back of the N5,000 note would have the picture of the National Assembly complex.
According to reports, The CBN governor said the currency review, which he called, “Project Cure,” would allow the bank to convert lower denominations of N5, N10 and N20 into coins.
This, according to him, will increase the naira structure from 11 to 12, divided into six coin and six banknote denominations.
Sanusi said 50k, N1, N2, N5, N10 and N20 would now be in coins, while the banknotes would be N50, N100, N200, N500, N1,000 and N5,000.
End of Story, ... and I begin to wonder how does this affect a common man who lives below 1 Dollar a day and the impact on our society?

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