14 May 2012
CBN To Introduce N5000 and N2000 Notes and N10, N20 Coins
The CBN is contemplating the introduction of new currency denominations of N2,000 and N5,000 notes and N5, N10, N20 and N50 coins.
"The top management of the CBN have decided to introduce currency denominations of N2,000 and N5,000. This is being done in the best interest of the economy."
"All the smaller denominations from the N50 downwards are also to be converted into coins."
A financial expert and executive chairman of the Society for Analytical Economics, Nigeria, Dr. Godwin Owoh, has said that if the policy is carried out, it would not only lead to inflation but would increase the ability to carry out cash transactions.
He said the activities of the CBN were becoming more commercial in nature, suggesting that this was more of a fiscal policy than a monetary one and that it should be decided by either the minster of finance or the president.
We were told of the Cashless economy last year, but it is now Cash all the way..........Policy gone wild!