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FG Endorses Introduction of N5000 Notes

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It seems that for certain, Nigerians would soon start having coins dangling in their wallets and would need only one note for the equivalent of five N1000 notes. And for those who don’t have a coin compartment in their wallets, it might be time to start thinking of getting another one.

The federal government on Tuesday September 4, 2012  formally endorsed the introduction of the 5,000 naira note despite the widespread criticism and protests that greeted its introduction.

“Under the new structures, the existing denomination of N50, N100, and N200, N500 and N1000 will be redesigned with added new security features, the lower notes of N5, N10 and N20 will be converted to coins,” the CBN Governor, Sanusi Lamido said when he announced the introduction.

After the weekly sitting of the Economic Managament Team chaired by President Goodluck Jonathan, some of the members of the team said that the move was in the right direction and remains the prerogative of the CBN.

At the meeting, Sanusi Lamido gave a detailed explanation of the programme.

This endorsement comes on the same day some people took to the streets under the #Occupy CBN Movement. With the Federal Government’s endorsement, does this silence the anti-N5000 protesters? Should Nigerians fold their arms and accept it or find other means of expressing their objections?

What are your thoughts?

News Source: Vanguard

Adeola Adeyemo is a graduate of Industrial Relations and Personnel Management from University of Lagos. However, her passion is writing and she worked as a reporter with NEXT Newspaper. She believes that anything can be written about; anything can be a story depending on the angle it is seen from and the writer's imagination. When she is not writing news or feature articles, she slips into her fantasies and creates interesting fiction pieces. She blogs at www.deolascope.blogspot.com

23 Comments

  1. Sexxie!

    September 5, 2012 at 8:27 am

    It’s ironic how FG endorses anything the Nigerian masses kick against. It’s sad we have a govt that doesn’t care about its citizenry. The same Sanusi that has been yelling ‘ Go cashless’! is same introducing a very high denomination in a society where inflation is already taking its toll on the down trodden. Well, FG has just endorsed money laundering too! Govt officials, politicians won’t be needing oversized ‘ghana must go bags’ anymore. Sometimes I weep for 9ja! FG will even endorse Boko Haram if we #OccupyBH. Moral of the story, Nigerians, STOP #Occupying! We shall overcome, we shall survive, we shall not die, we shall live to declare the goodness of God in Jesus name, amen.

    • Omolola

      September 5, 2012 at 11:25 am

      Well said.

  2. Tunde

    September 5, 2012 at 8:39 am

    Without any iota of doubt this is another action that confirms that the GEJ led administration lacks the focus and plan. And it further confirmed they lack knowledge of when, how and what to givfe the people. Imagine nigerians said they don’t approve your idea yet you went ahead to endorse it. I called that an IMPOSITION. With nigerians attitude to coins, the lowest comodity will go for #50. That means an increament in the poverty level of average nigerians. Just know this: whom he cannot handle he has not created

  3. slimtemmy

    September 5, 2012 at 8:55 am

    at this point, we sincerely need God’s divine directions. We look up to you Lord please save and help us.

  4. teenaa

    September 5, 2012 at 9:02 am

    so watsup wit d coins??? Is Nigeria republic of benin?? even if we’re gonna ve d 5,000 naira note, lets leave it at dat… we dont want d coin tin abeg!! na beg we dey beg ooooo.

  5. Me2me

    September 5, 2012 at 9:29 am

    Can we know the advantages Bella. I think thats what we all need to read so we kwa can understand. I actually like the idea of coins and will even want N50 coin sef. Okay enough said

  6. Priscy

    September 5, 2012 at 9:43 am

    This is just anoda brilliant idea to steal our money easily and the FG endorses it…Well I’m not surprised. It’s time to occupy Nigeria again and not let this greedy people ruin this Nation

  7. Oma

    September 5, 2012 at 9:59 am

    I respect Sanusi Lamido but he contradicts himself everytime.
    How do you enforce a cashless policy then come back a year later to print a higher denomination note?
    Let’s stick to the cashless policy so we can monitor all the illegal cash movement politicians intend to use the 5000naira note for.
    http://hushitsonlysmalltalk.blogspot.com

  8. Tobechi Daniel

    September 5, 2012 at 10:11 am

    A wrong move. Introducing a currency of higher amount does nothing to help with inflation, rather it hastens inflation. The govt reason of trying to make handling of money is just a flat out lie. That is the reason, there are checks, money orders, etc. The system is too far broken and the cashless system is totally ludicrous.
    http://www.tobechidaniel.blogspot.com

  9. just saying

    September 5, 2012 at 10:15 am

    What is wrong with having coins? The value of our money has always been low before the introductory of coins or N5,000. Isn’t the GBP pound and two pounds in coins??? Our 100 naira note is not up to a dollar and even less than 50 pence yet we are making noise. Why shouldn’t we have coins? Don’t other nations have coins? Because Nigerians do not have value for money that is why we devalue coins. Once the introductory of coins come in, people will feel too proud to carry coins so that is our problem…PRIDE not because the introductory of N5,000 note will devalue our currency. Even a beggar will even throw the money back at you if you dare give him coins because of ignorance. I support CBN 100%. N5,000 note is equivalent to $31 and 20 GBP. We don’t have to put money in Ghana must go or paper bags all because we want to carry 2 miilion naira or more . What we should hope CBN does is to create limited notes for the N5,000 like other countries do for their highest denomination. You don’t see $100 note everywhere, they limit it to $20s and $50s. Even the bank will ask you how you want your denominations before they dispense money to you same as the 50 pound note. What we should do is learn to RESPECT money!

  10. kem

    September 5, 2012 at 10:39 am

    while move fro and back…….are we moving forward, backward or just dancing around a circle>>>>>>>>same thing had applied in introduction to the school system before it was changed again…., he obviously wants to remain relevant in news, topic of discussion, cashless society indeed or a way to hid and carry more money in higher denomination. God is watching u people oh

  11. Zizi

    September 5, 2012 at 11:47 am

    @just saying I’m really surprised at you. Are you comparing the GBP coins to Naira? You should ask yourself what is the value of the GBP coins before you start making such comments. There are thousand of things you pay for with such coins in the UK compared to our N5, N10 and N20. Moreover, ceratin infrastructure should be in place before introducing coins as it is in the coin using countries.

    My take, you dont jump into the river unti you get to the river.

    • choclate

      September 5, 2012 at 5:43 pm

      Well said!

    • choclate

      September 5, 2012 at 5:52 pm

      Well said! And if i may add, the lowest denomination most wealthy people carry is maybe N100. So coins will actually not really affect them, it’s the masses that this will greatly affect. For example, hawkers probably usually earn in N5, N10, N20 and N50. So carrying these denominations is extremely inconvenient talkless about the extra weight sef. In addition, coins are soo easy to misplace, and for those who use this denominations often, its big wahala… finally, I think nearly everything might increase, no more N120 sausage rolls, now it will probably be N150.. lol

  12. DR

    September 5, 2012 at 11:57 am

    The problem with the FG is that they never enlighten the people, I personally don’t see anything wrong with this, our currency was a lot better back when we had kobo and 1 naira, wasn’t it?. I understand that FG has failed us in so many ways but lets give them a benefit of a doubt. I still have Hope in My Country, We all Should.

  13. Demmy

    September 5, 2012 at 2:11 pm

    Lol idk why people are so against this coin and five thousand naira thing. As for me I love it and can’t wait for the notes and coins to be released x

  14. faith

    September 5, 2012 at 2:50 pm

    i still dont understand how we as citizens will benefit from all these…i agree with DR…fg shuld enlighten us more on why they r doing this!

  15. ama

    September 5, 2012 at 3:31 pm

    until a party brings out a reasonable person who we will all vote for without thinking twice for the presidencial seat,we will continue to suffer under the hands of PDP and gang.Mr Sanusi i believe it was not your idea neither was it ur choice,it will be well soon.

  16. brandigest

    September 5, 2012 at 5:16 pm

    FG endorses it because the Economic team gave its blessings. I ask, who and who make up this team? they are the Dangotes, the Adenugas, CEOs of Banks, Governors, etc who do not go to the local market. My headache on this is how do you explain to a molue conduct that all you have is N5,000 note? How can you explain to an Aboki that you want to buy Tom Tom but you have coins? I think economic decisions all over the world largely considers social peculiarities while pushing forth policies like this.

  17. brandigest

    September 5, 2012 at 5:16 pm

    FG endorses it because the Economic team gave its blessings. I ask, who and who make up this team? they are the Dangotes, the Adenugas, CEOs of Banks, Governors, etc who do not go to the local market. My headache on this is how do you explain to a molue conduct that all you have is N5,000 note? How can you explain to an Aboki that you want to buy Tom Tom but you have coins? I think economic decisions all over the world largely considers social peculiarities while pushing forth policies like this.
    http://www.brandigest.wordpress.com

    • Idak

      September 5, 2012 at 5:40 pm

      what exactly is your point? you want the decision to be approved by your local pub regulars? Or you want same to constitute the Economic management team?
      I doubt Sanusi is as crazy and dumb as some of you make him out to be. I am no fan of his (apart from when he was kicking Akingbola and Ibru asses) but i think we need to listen to the CBN’s reasons for the introduction and attack specific points therein.

  18. choclate

    September 5, 2012 at 5:52 pm

    Well said! And if i may add, the lowest denomination most wealthy people carry is maybe N100. So coins will actually not really affect them, it’s the masses that this will greatly affect. For example, hawkers probably usually earn in N5, N10, N20 and N50. So carrying these denominations is extremely inconvenient talkless about the extra weight sef. In addition, coins are soo easy to misplace, and for those who use this denominations often, its big wahala… finally, I think nearly everything might increase, no more N120 sausage rolls, now it will probably be N150.. lol

  19. friday Ejelikwuu

    September 6, 2012 at 12:56 pm

    good day Mr governor,this sound incredible because there are a lot of issues to be resolve in this our great country that has not been done,apart from the equivalent of the five N1000 denomination and the other denomination security feature to be redesign, what are the reasons behind introduction of N5000 note in to the Economic,and of what important this will be to the citizen of this great country Nigeria ?

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