Exclusive: Late Ex President of Nigeria Umaru Yar’adua To Be The Face Of New N5000 Note

          Image  

The Central Bank of Nigeria (CBN) will very likely release into the market on September 1, 2012, a N5,00 0 currency, under its on-going currency and payment reform scheme. The 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.

 Info gathered is 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 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.

 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, on contact with the CBN on phone, a top officer denied any such plan. The official told Daily Sun that it was not true that the apex bank ever comtemplated a plan. “Forget that story. It is not true,” he said.

3 thoughts on “Exclusive: Late Ex President of Nigeria Umaru Yar’adua To Be The Face Of New N5000 Note

  1. Woah! I’m really loving the template/theme of this website. It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between usability and appearance. I must say you have done a great job with this. Also, the blog loads super fast for me on Firefox. Outstanding Blog!

  2. What i do not realize is in truth how you are now not actually much more smartly-liked than you might be right now. You’re so intelligent. You realize therefore considerably with regards to this topic, produced me in my view believe it from numerous varied angles. Its like men and women are not interested until it is one thing to accomplish with Woman gaga! Your own stuffs nice. At all times handle it up!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s