"New 5,000 Naira note not for mass circulation" - Economic Management Team

Contrary to growing public perception, the proposed N5,000 note by the Central Bank of Nigeria (CBN) will not be for mass circulation.

National Planning Minister, Shamsudeen Usman, who cleared the fog on the issue yesterday in Abuja after a meeting of the National Economic Management Team, said the note would be reserved for banks and heavy cash users.

The minister told State House Correspondents after the meeting presided over by President Goodluck Jonathan at the State House that like the 5,000 Euro note, the new N5,000 note would not be in normal circulation but reserved for the banks and a few other heavy cash users to store higher value.