By Obaka   Abel   Inabo The decision of the Central Bank of Nigeria (CBN) to restructure naira, the nation’s currency, and introduce a new N5,000 banknote denomination into the economy has no doubt elicited unprecedented responses, with majority of Nigerians concluding that the exercise is ill-timed. According to the apex bank, the proposed new currency structure expected to be officially launched early next year will have the existing denominations of N50, N100,N200, N500 and N1,000 redesigned with added security features. CBN also added that the lower banknote denominations of N5, N10 and N20 will now be coined. Nigeria will then have a 12-new-currency structure at the end of the exercise which the bank code-named “Project Cure.” The CBN Governor, Mallam Sanusi Lamido Sanusi, and his officials have given reasons for the currency restructure; to facilitate economic activities, to aid CBN’s cashless policy drive, to ...

From SUNDAY ODE, Abuja THE Economic Management Team (EMT) yesterday endorsed the move by Central Bank of Nigeria CBN to bring into circulation, 5,000 Naira not as well as redesign the existing ones in circulation. The move thought had received stiff opposition by majority of Nigerians. Minister of National Planning, Dr. Shamsudeen Usman while speaking with State House correspondents in Abuja after a meeting of the Economic Management Team (EMT), explaining that since the CBN has the responsibility to review monetary policies, all that was needed before the introduction of the note was for President Goodluck Jonathan to approve just as he has now done. According to Shamsudeen, there were misconceptions regarding the initiative but was confident that the CBN would carry out an enlightenment campaign to allay the fears of Nigerians. “So, obviously the discussion today was basically to endorse. Mr. President had already approved. ...

From COBHAM NSA, Abuja THE Central Bank of Nigeria (CBN) yesterday finally ended public speculations with its official announcement of a new 5000 Naira denomination expected to join the national currency list by year 2013. In the same vein, the apex bank said lower bank note denominations of five Naira; 10 Naira; and 20 Naira will be coined while the existing denominations of 50 Naira; 100 Naira; 200 Naira; 500 Naira; and 1000 Naira will be redesigned with added new security features. The CBN Governor, Malam Sanusi Lamido Sanusi, who briefed the media on the proposed currency restructuring exercise tagged "PROJECT CURE" in Abuja said the new 5000 note will have the pictures of three foremost women nationalists adorning its face with the National Assembly (NASS) insignia on the reverse side. Malam Sanusi listed the three women as Margaret Ekpo, Fumilayo Ransom-Kuti and Gambo Sabawa, adding that it is in line with the present admin...