Wednesday, 27 November 2013
CBN to Introduce N5000 Note in March 2014
The Deputy Governor of CBN, Tunde Lemo disclosed at the weekend that it would soon conclude plans to produce and roll out N5000 bills, a project which was initially abandoned due to its rejection by Nigerians.
Lemo, who disclosed this while speaking to journalists at the NIBSS 20th anniversary conference held in Lagos, said in one to two months from now, the N5000 notes would be in circulation.
According to The Sun be said: "We only stopped the project due to the low level of understanding of its benefits among Nigerians, but we now plan to educate the people about the importance of the notes to our economy before we eventually launch it".
He added that Nigerians would soon see the notes in circulation and start to enjoy its benefits.
Speaking on the cashless initiative, Lemo noted that it has been a great success within the experimented states, stressing that the apex bank has deployed 120,000 Point of Sale (PoS) Machines across the states where cashless policy is being experimented in Nigeria.