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May 17, 2012

Central Bank Of Nigeria (CBN) Rumoured To Be Contemplating The Introduction Of New Currency Denominations Of N2000 & N5000 Notes And Conversion Of N5, N10, N20 & N50 Into Coins.

In an attempt to reduce the volume of cash baggage and security exposure in cash transactions, the Central Bank of Nigeria (CBN), may be contemplating the introduction of new currency denominations of N2,000 and N5,000.

The bank has also made plans to convert N5, N10, N20 and N50 which are all presently notes, into coins.

The policy would make it easier to move large quantities of cash around with little exposure to risk, but financial critics have suggested that it would be a contradiction to the CBN policy to migrate to a cashless economy.

Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to LEADERSHIP SUNDAY, however, said he could not confirm that the bank's governing board was thinking of introducing two new denominations in addition to the existing ones.

Okorafor, who made no outright denial that such a policy was being contemplated, said instead that he had to get further clarification from the bank's leadership. And as at press time yesterday, the CBN spokesman was unable to reach any of the bank's directors.

But a source who is a staff member of the bank told LEADERSHIP SUNDAY under the condition of anonymity that, "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."

The source, who could not say when the policy would take effect or when it would be announced to the public, said, "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.

What do you think, if by chance this CBN's new proposal pulls through?

Source: Leadership Newspapers

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