CBN to spend 40 BILLION NAIRA to produce the criticized N5,000 note & new coins?!

It was gathered that Central Bank of Nigeria is to spend N40.3bn to produce its new coins and naira notes.

Out of the amount, N11.8bn will be spent on the new N20, N10 and N5 coins. “The bank is spending over N40bn on the production of new coins and notes. The N40bn is the total sum for the production of the coins and the new notes,” a member of the board of the CBN confided to news correspondents in Abuja at weekend.

The CBN had on Thursday announced a comprehensive review of the country’s currency while it introduced N5,000 note as the highest denomination and converted N5, N10 and N20 notes to coins.

The new coins will join the 50k, N1 and N2 coins already in existence but which Nigerians hardly use.