The Central Bank of Nigeria bank 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.

Deputy Governor of CBN, Tunde 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 him:" 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 thenotes 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.

He frowned at reports that 70 percent of the PoS deployed within the country are ineffective, explaining that a lot of things could have caused the ineffectiveness".

Similarly Director, Banking and Payment Systems, CBN, Mr. Dipo Fatokun, who was also a speaker at the conference, noted that the apex bank's cashless initiative has aided the development of Nigeria.

He stressed that banks and customers now enjoy the easy flow of transactions within the banks.

He, however, noted that the Nigeria payments system, in the last two decades, has witnessed significant technological advancement, due to the operations of Nigeria Inter-Bank Settlement (NIBSS) Plc.

The changes were propelled by transformations in the general financial system occasioned principally by improvements in global economic indicators, technology as well as improvement in human capital capacity and knowledge.

Meanwhile funds transfer though the Nigeria Inter-Bank Settlement System (NIBSS)'s Electronic Funds Transfer (NEFT) system hit an all time high of N11.63 trillion in 24.34million transactions between January and October this year.

Transactions over NIBSS Instant Payment (NIP) which channels include bank branches, internet banking and mobile banking within the same period was valued at N8.16trillon in 12.53million volume of transactions. A report released by NIBSS disclosed that the NEFT transactions allow for a maximum of 24 hours for the beneficiary to get value while NIP transactions are done instantly.
http://odili.net/news/source/2013/nov/26/520.html

Hehe are this niccurs tryna Zimbabwelise the naira??


I trust the Nigerian market...full blown inflation will crawl in..!!

This is a Bad call...!!!...

Nigeria and paper economics!!!...smh

OMG see CBN see f.ucked up economy ohh cheii, what are they doing, where did this people go to university at, these universities need to be closed down ohh, before they turn nigeria to the next zimbabwe God forbid..
somebody tell aboki lamido that this is not happening oh, not in Nigeria, he needs to go back to school and relearn economics, no body in their sane mind would do this.

Lol

And someone will say Sanusi is sane ?

What is Iweala the "PHD" Holder saying about this or she is as stu.pid as her president too

alj harem: And someone will say Sanusi is sane ? (no he ain't)

What is Iweala the "PHD" Holder saying about this or she is as stu.pid as her president too

When we needed smaller denomination to keep the economy running , Cbn pretends as of all is well! Most consumer itemSaree upwardwardy priced because change is not available.CBN promised tp flood banks with 10, 20 and 50naIraq notes by Sept this year! Go to banks, you will be paid inv1000 notes
We all know Cbn abusing time to release their pet baby N5000 into three system!
Mark it, any economy that runs away from injecting coins and smaller denominations will not make it and will wid3n poverty

#5000? misplacement of priority. are we not in a cashless society.

Yomieluv: #5000? misplacement of priority. are we not in a cashless society.

Very well said. In fact, I'll prefer the CBN to scrap the N1000 note, and leave the N500 has the highest denomination.

naija i hail thee #5000? what a strategy to carry their stolen money easily

5000 new naira note and exulting d virtues of a cashless society seems to me 2 policies at variance of each other. Sounds to me like two policies pulling away from d centre in opposite direction. Is someone confused !!!

I imagine someone going to pay #50 to a bus conductor but has #5,000. Wahala!

by the way i forgot to mention that this should be moved to the jokes section..
anyone with me should like this comment....anyone against me should well...kiss my a.s.s...and like this comment

naira is fast turning into tissue paper. Right now to buy $1 cost -N-170.

Moving towards wrong direction.

saxywale: naira is fast turning into tissue paper. Right now to buy $1 cost -N-170.

Nope
$1-N158.65

So sanusi wan cause Kata-kata and then gently walk away in 2014?..E no go work for am

Why engage yrself in unnecessary ventures??

Sanusi once again proves himself to be a fool ... And worse the presidents IQ is so slow that he won't notice... Nigerians must come out en masse to refuse this dirty 5000 naira note

Even with this common no change trend in Lagos, u still want to introduce N5000? We hear N1000 N500 ma wo le oh by conductors and marwa, now 5k don join... I dey observe

Awon t'o ni wa lara Baba, niwon lara o!

Do we need this?

I give up on Sanusi, GEJ and madam Okonji Iwalewa

Imagine you now lost 5k note, habatically, when we demonstrate againSt the implementation I forsee National Associaton of PickPocket also demonstrating for the introduction

Nigeria!!! My dad buid his 4bedroom apartment with #5000 in the year 1991.fast forward to 2013 the same #5000 can not buy ordinary wooden window

Dem no born well make him try that rubbish and see

I thought we said we don't want this already? Why are they talking about it again
Why are these people so bent on destroying these country?. While we are still battling with change issue, these people want to introduce higher denominations to worsen the already bad situation? Do they now want to sensitize us on how to buy N50 "gala" with N5000 note and tell the seller to keep the change? Me, I no fit o!
Is this how they want to encourage us to go cash-lite...when one can easily carry N1m around without drawing attentions? Even a High School student with an O' Level knowledge of Economics would do better than these people. Nonsense!!!
Sanusi!!! O fe te abi?

...and the annoying part is that, he(sanusi) always send this Mr "Lemon" to tell us about this crap.
I don't see how the introduction of N5000 note will be of benefit to the economy. Introduction of higher denominations have never been beneficial to our economy...it will never be.
Copy that, Mr Lemo!

Too many Children in Nairaland trying hard to say "Nothing".

N5000 bill is a step in the right direction and moreover the ATM withdrawal will be easier and better for anticipated large sum withdrawal policy for small and medium industries/businesses.

taharqa: Why engage yrself in unnecessary ventures??

Ngwakwe: Too many Children in Nairaland trying hard to say "Nothing".

N5000 bill is a step in the right direction and moreover the ATM withdrawal will be easier and better for anticipated large sum withdrawal policy for small and medium industries/businesses.

Old man Abeg waka pass!!