CBN to Introduce N5000 Note in March 2014
The Deputy Governor of CBN, Tunde Lemo disclosed at the weekend that it would soon conclude plans to produce and roll out N5000 bills, a project which was initially abandoned due to its rejection by Nigerians.
Lemo, who disclosed this while speaking to journalists at the NIBSS 20th anniversary conference held in Lagos, said in one to two months from now, the N5000 notes would be in circulation.
According to The Sun be said: "We only stopped the project due to the low level of understanding of its benefits among Nigerians, but we now plan to educate the people about the importance of the notes to our economy before we eventually launch it".
He added that Nigerians would soon see the notes in circulation and start to enjoy its benefits.
Speaking on the cashless initiative, Lemo noted that it has been a great success within the experimented states, stressing that the apex bank has deployed 120,000 Point of Sale (PoS) Machines across the states where cashless policy is being experimented in Nigeria.
Read more at The Sun
Lemo, who disclosed this while speaking to journalists at the NIBSS 20th anniversary conference held in Lagos, said in one to two months from now, the N5000 notes would be in circulation.
According to The Sun be said: "We only stopped the project due to the low level of understanding of its benefits among Nigerians, but we now plan to educate the people about the importance of the notes to our economy before we eventually launch it".
He added that Nigerians would soon see the notes in circulation and start to enjoy its benefits.
Speaking on the cashless initiative, Lemo noted that it has been a great success within the experimented states, stressing that the apex bank has deployed 120,000 Point of Sale (PoS) Machines across the states where cashless policy is being experimented in Nigeria.
Read more at The Sun
CBN to Introduce N5000 Note in March 2014
Reviewed by Msl
on
02:21
Rating:
Reviewed by Msl
on
02:21
Rating:
Dis would only cause inflation. Did these pple ever study Economics? I bet they did not! If they did, they never understood it and never passed their exams themselves? We do not need 5000 naira note! What are the benefits, If I may ask? Portability? Nonsense! What happens to the cashless policy? As always, foolishness and half knowledge is killing Nigeria.
ReplyDeleteLook at Britain, even with the value of their money, the highest is the 50 pound bill and it is hardly in circulation. The one penny is still in use till tomorrow. They are constantly watching, putting polices and strategies in place to prevent inflation.
Very soon the 200,100, 50, 20, 10, 5 (that one is already usless. 5 Naira can't get you nothing in Nigeria) would become useless even as our 10kobo, 50kobo, 1 naira has become trash! Think Nigerians! Think our policy makers! Think CBN!
Good points @ Anon. That shows the level of depreciation of our Naira. There was a time when naira exchanged rate was 67k to a dollar ($).
DeleteFor so long , what have been the highest denominations of the US Dollar and the British Pound? Now we are to introduce the N5000.00 note: what a shame!