The redesigned N50 and new N5000 notes will be launched early next year. | By Eki Toju
The Central Bank of Nigeria (CBN), on Thursday announced that it is going to introduce a N5,000 note as one of the country’s currency.
The apex bank also revealed that the faces of three prominent Nigerian female activists will be used on the new note.
The activists, which fell under the categories of late politician and social mobiliser includes 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 CBN governor, Sanusi lamido while speaking with journalist in Abuja revealed that N5, N10 and N20 will be coined, adding that naira currency structure will be made 12, comprising of six coins and six bank notes denominations.
Sanusi further explained that the development was aimed at strengthening the quality of banknotes, in order to incorporate a more effective feature for the visually impaired, which will help reduce cost of production, distribution as well as the currency disposal.
?On the 28 of November 2011, the CBN board considered and approved the new currency structure. It subsequently sought and on 19 December 2011 obtained the approval of his excellency the president Dr Goodluck Ebele Jonathan (GCFR),? Sanusi said.
?Under new structure the existing denomination of N50, N100, N200, N500 and N1000 will be redesigned with added new security features. It is our pleasure to tell you that a new high currency denomination will also be introduced. It is the N5000 note.?
The CBN boss said all efforts are geared towards the launching of the redesigned N50 and new N5000 notes early next year.