In times of inflation, the same number of monetary units have continually decreasing purchasing power. In other words, prices of products and services must be expressed in higher numbers. ....wikipedia

Will it not be better and calm things down if we have N5000 note released now so that there will be reduced pressure on hoarding of the Dollar.

I know it will kill N10, N20 and N50 notes as they will all turn to N5 note as of today. But do we have a better option now?

But honestly, I do not understand how introduction of 5k not will reduce pressure on dollar.

2. In my understanding, redenomination will not support high denominations but will covert 1k to 100naira

This is my own understanding. I don't know economics.

Well you are right but hoarding some times is about quantity and thats where this comes in, export is the only way for value increase. or reduce your demand for dollar. But when under pressure you may have no choice, but to print and print more money. That is what is called stimulus or Quantitative Easing in Africa with already high inflation in a reccession the only thing you can do now is to just Redenominate.