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Reports of N47bn to print N5,000 untrue – CBN

By Evelyn Usman

The Central Bank of Nigeria, CBN, has described as untrue reports that N47 billion would be needed to print the proposed N5,000 note. The apex bank said printing a higher denomination would reduce general cost.

This was just as indication emerged, weekend, that the January 2013 deadline for the roll-out of cashless Nigeria project might be extended due to challenges such as orientation of Nigerians on the project.

Consequently, the implementation of the cashless policy in Lagos might be extended beyond January 2013 as initially planned by the CBN, with a view to allowing it address some challenges.

Speaking at a one-day finance seminar organised by the Accounts and Budget branch of the Nigerian Navy, held in Lagos, with the theme Embracing Federal Government Financial Sector Reforms for the Rapid Transformation of the NN, CBN Deputy Governor, Mr. Olatunde Lemo, said that N47 billion was used to print naira notes coins in 2009 and N45 billion in 2010, adding that the cost would reduce with the introduction of the proposed higher denomination.

He, however, did not disclose the amount needed for the printing of the proposed N5,000 note, stating that CBN was yet to bargain same.

Lemo said: “The introduction of N5,000 note will make us reduce printing cost. We don’t know the actual cost but as I said, we have not engaged printers but we know it is cheaper to print one note of N5,000 than to print five notes of N1,000 and we are going to save a lot of money.”


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