CBN to launch N5000 notes

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.

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.

The source also disclosed 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.