Nigeria to introduce new notes in Q1 2013

According to an article on WorldStage dated 23 August 2012, the Central Bank of Nigeria has announced plans to introduce a new 5,000-naira (US$32) banknote in the first quarter fo 2013. The restructuring exercise, code-named Project Cure, will change the naira currency structure to 12, comprising of six coins and six banknote denominations. “Under the structure, the existing denominations of N50, N100, N200, N500 and N1,000 will be designed with added security features. It is our pleasure to inform you that a new high currency denomination will also be introduced. It is the N5,000 note. In the same vein, the lower banknote denominations of N5, N10 and N20 will be coined,” said the Governor of the Bank, Mallam Sanusi Lamido Sanusi.

The new 5,000-naira banknote will have pictures of three Nigerian heroine and nationalists, namely Mrs. Funmilayo Ransome-Kuti, Mrs Margaret Ekpo and Alhaja Sawaba Gambo on the front while the National Assembly pictures would be the illustrations at its back.