N5000 Notes, N5, N10, and N20 Coins: Minting to Cost at least N40 Billion

News recently hit the media waves about the proposed launch of a N5000 note alongside the redesigning of existing notes in order to give them new looks. However, information filtering in has it that this project by the Central Bank of Nigeria (CBN) will cost nothing less than N40 billion of Nigerian taxpayers’ money. Out of the said amount, N11.8billion will be spent on the new N20, N10 and N5 coins.

According to a member of the board of the CBN, discussing with Punch Newspaper under conditions of anonymity, “The bank is spending over N40billion on the production of new coins and notes… The N40billion is the total sum for the production of the coins and the new notes.

According to the source, the CBN, at its board meeting two months ago decided that most of the new notes and coins would be printed by the Nigerian Security Printing and Minting Company, while only the N5,000 note would be printed by a foreign firm which had “the technology and the capacity to handle the sensitive features in it.”

Already mixed reactions are trailing the announcement of the introduction of the new notes. While some have described it as a disrespect to the likes of Tafawa Balewa, Alvan Ikoku, etc, the grandson of one of the women whose faces are expecting to appear on the proposed N5000 note, Seun Kuti, has condemned the idea saying, “If I were the FG, I wud establish more schools, improve on the educational system rather than come up with N5000 note idea… The N5000 note is nothing a common man can use, so printing d money is not the way forward.”

9 Comments

  • Instead of thinking of something better to do with our econome, Jonathan and his government are trying to print 5000 niara note, is that realy the problem of our countary or they want a way of making our money more portable, so that it will be aesy for them to still. THE ARE ALL A BUNCH OF DISGRACE TO THIS NATION.

  • I have said it before and i’m saying it again jonathan is d problem we all have in dis contry
    he is just clueless
    jonathan is a big FOOL. and he will always remain a FOOL,
    i’m just waiting 4 dem come 2015

  • Pl d method of printing money is good, but let them look on to nigeria now, no peace pl late them consider and make nigeria one it will batter don’t printing money. Thank

  • I always wonder the type of leaders we have in this country.. Common man can nt spend N200 per day n they are spending such amount. Bread is nt somthing 2 talk about. Selfish leaders

  • Foolish President, foolish governance, a whole 40bn naira dat can set a business dat 40 millions of naigera cn wil benefit frm it, den i undastnd dat d cheif problem of nigeria is d bad leader we elect 2 curb our problem n started compdn d situation. wat benefit wil nigeria derive frm dis if nt 4 d greedy persn 2 find away 2 embezzel our money. And again, d 20, 10 n 5 naira which will b turned to coin, i wonder such a senceless thought, dat mean after some times dis note wil nt b use again n d least domination wil b N50. Hmm useless leadershp.

  • Infact,I support the proposed N5000 denomination ONLY if it comes in Coin.

    Let there be N5000 Coin and not N5000 note, then we will see who will rally round it…

  • Let me paint you this very nice picture, remember all the billions of coins made last six years, well where are they now! Nobody asked shei, well its all in some account now running into billions. What is gonna happen with they’re new N20, N10 and N5, just THE SAME OLD THING. New ways to loot then give economics and statistics like we didnt go to school or we dont know the consequences. Naija shine your eyes oh! The media is our might!

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