CBN insists on implementation of the proposed N5,000 notes

Despite criticisms trailing the proposed currency restructuring exercise tagged ‘Project Cure’, the Central Bank of Nigeria (CBN) has said it is moving ahead as scheduled and there is no going back.

It was gathered that the apex bank had set up a sensitisation machinery to convince the various interest groups and members of the public on the desirability of going ahead with the project.

The senstisation team, which commenced its tour of Abuja last week, will stopover in Lagos today. The team is expected to go round the six geopolitical zones of the country.

It will be recalled that ‘Project Cure’, especially the planned introduction of N5,000 note and coinage of lower denominations, has generated furore, with many prominent citizens calling on the CBN governor, Lamido Sanusi, to dump the project.

However, CBN had insisted that there was no going back.

According to the apex bank, under the CBN Act of 2007, it has the overall control and administration of the monetary and financial sector policies of the Federal Government. It stressed that the planned project was in line with global best practice which demands that countries restructure their currencies every five and eight years to be ahead of counterfeiters.

It explained that the coinage of the lower denominations up to N100 was recommended by the currency management key stakeholders at different forums held in Lagos and Abuja prior to the restructuring, noting that the redesigning of the notes was aimed at making them more secure, enhancing their durability to last longer in circulation and streamlining their aesthetic and security features.

The banking watchdog maintained that the new N50 and N5,000 would be launched during the first quarter of 2013 and which would be followed by the gradual introduction of the two denominations at a time.

Re-enforcing the stand of the apex bank, Head, Corporate Communications of CBN, Ugochukwu Okoroafor, averred that it would be cheaper to print and issue N5,000 note, stressing that the introduction of a higher bill would complement the cashless policy initiative by reducing the volume of bank notes to be printed.

According to the CBN spokesman, countries around the world was looking for a way out of polymer notes, stating that the move to do away with polymer notes was consistent with the CBN’s position of changing with times and technology.

He disclosed that the apex bank had started reaching out to various interest groups to ensure acceptability, adding that the project was also in line with the country’s Vision 20:2020 policy.


By Odidison Omankhanlen/Nigerian Tribune