The Central Bank of Nigeria (CBN) will very likely release into the market on September 1, 2012, a N5,00 0 currency, under its on-going currency and payment reform scheme. The currency, according to a very reliable and close source in the apex bank, was considered because of the CBN’s cashless policy, which will be extended to other parts of Nigeria by next year.
The source also disclosed that the N5000 currency is like a guarded secret by the CBN, which it plans to release as a surprise to the market. The N5,000 single note will be the fifth note to be introduced into the economy in 13 years.
The first was N100 introduced in 1999, by the then Governor of CBN, Mr. Joseph Sanusi. Also, in 2000 and 2001, N200 and N500 denominations, respectively were introduced into the economy. The apex bank also in 2005 launched the N1000 denomination under the immediate past Governor of CBN, Professor Chukwuma Soludo.
It is speculated that the late President Umaru Yar’Adua’s head will be the bust on the note as mark of honour to him for his contributions to the polity and national economy.
Our source disclosed also that the CBN plans to make the currency a bit scarce unlike other currencies to ensure it does not disturb the volume of money in circulation or cause adverse effect of inflation.
However, on contact with the CBN on phone, a top officer denied any such plan. The official told Daily Sun that it was not true that the apex bank ever comtemplated a plan. “Forget that story. It is not true,” he said.