Jonathan agrees to reverse N5000 note plan

President Goodluck Jonathan has agreed to reverse his administration’s plan to introduce the 5000 naira note. It remains unclear whether the president has issued a directive to that effect though.

CBN To Introduce N2,000, N5,000 Notes

In an attempt to reduce the volume of cash baggage and security exposure in cash transactions, the Central Bank of Nigeria may be contemplating the introduction of new currency denominations of N2,000 and N5,000.

The bank has also made plans to convert N5, N10, N20 and N50 into coins which are all presently notes.