Thursday, August 23, 2012

CBN to introduce N5000 note; to redesign N5, N10, N20 as coins

Hajia Gambo                                      Funmilayo Ransome Kuti                                 Magaret Ekpo
The new N5,000 note which is to be introduced is not going to feature the face of Late President Yar'Adua like we all heard but, according to CBN, The faces of three prominent Nigerian female activists are to be used on the new note.

They are those of

  • late politician and social mobiliser, Margaret Ekpo (1914 – 2006);
  • late politician and activist Hajia Gambo Sawaba (1933 – 2001) 
  • late politician and women’s right activist Funmilayo Kuti (1900 -1978). 
 Addressing journalists in Abuja, the governor of the CBN, Sanusi Lamido said that the plan is aimed at enhancing the quality of banknotes, incorporate a more effective feature for the visually impaired as well as reduce cost of production, distribution and disposal of banknotes.

 He said that under the new structure, N5, N10 and N20 notes will be coined while N50, N100, N200, N500 and N1, 000 will be redesigned with new security features.

What do you think of this development? Is it going to be good or bad for our economy?

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