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Ghana currencies |
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Nigerian Currencies |
Further to my publication on August 10, 2012 about
the plan of Central Bank of Nigeria to release new currency, the N5000
denomination into circulation, the Nigerian Central Bank governor did announce yesterday
that the new note will come into circulation in early 2013. The CBN Governor, Sanusi Lamido Sanusi
pointedly said that international best practice is to review country’s
currencies between every five (5) and eight (8) year but fails to state which
direction the review will be focusing. He submitted that this idea is in tandem
with the CBN cash less policy of reducing the cost of currency management. His
reasons:
(a) To minimize cost of managing cash
(b) To prevent Dollarization
(c) To reduce volume of Bank notes
Furthermore, he stated that by the reason of this
policy, we shall end up having 12 currencies in circulation: 6 coins and 6
notes. The coins will be 50k, N1, N2, N5, N10, N20 while the notes will be N50,
N100, N200, N500, N1000, and N5000. He specified the ages of our current note as follows: N100- since 1999, N200 since 2000, N500 since April 2001, and N1000 since 2005. In addition, in front face of the new N5000
will Margret Ekpo, the pioneer female politician in the first republic,
Olufunmilayo Ransome-Kuti, an Abeokuta women right activist and