Thursday, 28 November 2013

Despite Its Rejection By Nigerians, Central Bank Will Roll Out N5000 By March 2014

5000 note illustration
The Central Bank of Nigeria bank disclosed 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.
Deputy Governor of CBN, Tunde 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 him: "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.

Apparently the N5000 project was never abandoned as Nigerians were made to believe. I'm totally in the dark as to how the introduction of N5000 notes is our priority, or how it will benefit Nigerians or the economy like the CBN deputy governor claims.

First it was the reversion of Polymer notes to paper, now this. Seriously shaking my head for all these confused people at Nigeria's apex bank, hell bent on crippling the economy.

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