Home news Late Yar’Adua’s face to don N5,000 notes due for launch in September

Late Yar’Adua’s face to don N5,000 notes due for launch in September

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It is generally believed that the
Central Bank of Nigeria (CBN) might likely launch the much-publicised N5,000 on September 1, 2012.
The new 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 also 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.
The 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 the CBN is yet to confirm whether the story is true or not. 
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Adebayo Folorunsho-Francis is a communicator, Journalist, blogger, business coach and, of course, a prolific writer. He has Dip (Journalism) and B.A. (History & International Relations) from the Lagos State University (LASU). The self-effacing young man has worked for national, regional and local newspapers. He had worked with THISDAY covered community news for ISLAND NEWS and corresponded with P.M. NEWS (evening tabloid). Presently, he is the editor of CITYPULSE MEDIA and senior correspondent of PHARMANEWS, West Africa foremost health and pharmaceutical journal.

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