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N20, N10 and N5 to be produced in coins, new N5000 notes into circulation early next year – Sanusi

By on August 26, 2012

The Central Bank of Nigeria [CBN] yesterday said N20 N10, and N5 will be produced in coins along with the existing coins of N50k, N1 and N2 by early next year as part of a comprehensive currency restructuring exercise going in the country.

Governor of CBN, Sanusi Lamido Sanusi who announced this in Abuja also disclosed that the introduction of N5,000 note would commence early next year and it has been approved by President Goodluck Jonathan.

He said front face of the new highest denomination will be adorned with the pictures of the late Margaret Ekpo, Funmilayo Kuti and Hajiya Gambo Sawaba, while the back side would have the National Assembly structure.

Sanusi added that the existing N50, N100, N200, N500 and N1000 notes would be redesigned with added new security features and launched at the same time.

According to him, “the introduction of the new currency series will be a gradual process, as the banknotes will circulate simultaneously with the old series until they are fully withdrawn from circulation as long as the old banknotes are in circulation, they will remain legal tender.”

This will be the first major currency restructuring exercise in seven years, with the last one being done by then-CBN governor Charles Soludo in 2005, leading to the introduction of the N20 polymer banknote.

This was followed by the conversion of N5, N10 and N50 paper banknotes into polymer notes in 2009.

Soludo attempted an unprecedented redenomination in 2007 which would have seen the knocking off of some zeros from the currency values. But the then-President Umaru Yar’Adua pulled the brakes.

International best practices stipulates for monetary authorities to review their nations’ currencies at intervals of between five and eight years. The aim is to address, among other factors, inevitable weaknesses and challenges identified in the circulating banknotes and coins.

Sanusi did not say yesterday which company would be involved in minting the currency notes and coins, and also did not say what the cost implications would be.

But he said the CBN’s Currency Operations Department, Nigerian Security Printing and Minting Company Plc, along with international consultants, collaborated in the redesign project.

6 Comments

  1. Soul

    August 26, 2012 at 11:53 am

    This is bull shit and will only cause more inflation,a plate offood then will be 500, what is happening, the highest currency should be 100…..things will get worse with this

  2. X-limozine

    August 26, 2012 at 1:46 pm

    I wonder if making higher denomination of the naira note increases its value. Its just an easier avenue for looting and would also increase inflation and possibly difficulty in making change as regards the purchase of an item.

  3. Ojomo Aderemi Omotayo

    August 26, 2012 at 2:05 pm

    Introduction of 5,000 notes is not the solution to the problem facing Nigerians but price control and sincere reformation of the power sector which will form the bedrock of other sectors of the economy. The 5,000 naira notes will only make looting easier for looters that we have in government. When 1,000 naira notes was introduced same reasons was given but without it solving the problems it is said to solve.

  4. Chinedu Ojekwu

    August 26, 2012 at 7:11 pm

    This may be Sanusi’s electronic idea! May be a good idea, but i dont think that’s what Nigeria needs now. We should think of more brilliant ideas in economic development.The crises bedevilling us should be tackled in line with national unity otherwise it might be call ing for National disintegration! Please watch it.

  5. Ade

    August 27, 2012 at 9:40 am

    Policy reversal with 3yrs! Why spend so much money on advertising and changing of the old currency notes to polymer when the CBN knows that it will be converting them to coins again in 3yrs? What sort of planning is that? Can they run their private businesses with such short-sightness? Is it because the will be using free oil money to fund the project? Must every CBN gov execute a legacy project bf leaving office? SHAME on Sanusi L Sanusi and the other CBN board members for forcing another unneccessary pain on the Nigeria masses and its economy

  6. james

    August 29, 2012 at 2:37 pm

    me i think sanusi wants to steal money so to steal big let us make 5000 naira note shekenan 10/10