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. The policy would make it easier to move large quantities of cash around with little exposure to risk, but financial critics have suggested that it would be a contradiction to the CBN policy to migrate to a cashless economy. Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to newsmen on sunday, however, said he could not confirm that the bank’s governing board was thinking of introducing two new denominations in addition to the existing ones. Okoraforwho made no outright denial that such a policy was being contemplated, said instead that he had to get further clarification from the bank’s leadership. And as at press time yesterday, the CBN spokesman was unable to reach any of the bank’s directors. OMG Nigeria gathered that the top management of the CBN have decided to introduce currency denominations of N2,000 and N5,000. This is being done in the best interest of the economy. A financial expert and executive chairman of the Society for Analytical Economics, Nigeria, Dr. Godwin Owoh, has said that if the policy is carried out, it would not only lead to inflation but would increase the ability to carry out cash transactions. He said the activities of the CBN were becoming more commercial in nature, suggesting that this was more of a fiscal policy than a monetary one and that it should be decided by either the minster of finance or the president. Alot of reactions has trailed this development

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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. The policy would make it easier to move large quantities of cash around with little exposure to risk, but financial critics have suggested that it would be a contradiction to the CBN policy to migrate to a cashless economy. Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to newsmen on sunday, however, said he could not confirm that the bank’s governing board was thinking of introducing two new denominations in addition to the existing ones. Okoraforwho made no outright denial that such a policy was being contemplated, said instead that he had to get further clarification from the bank’s leadership. And as at press time yesterday, the CBN spokesman was unable to reach any of the bank’s directors. OMG Nigeria gathered that the top management of the CBN have decided to introduce currency denominations of N2,000 and N5,000. This is being done in the best interest of the economy. A financial expert and executive chairman of the Society for Analytical Economics, Nigeria, Dr. Godwin Owoh, has said that if the policy is carried out, it would not only lead to inflation but would increase the ability to carry out cash transactions. He said the activities of the CBN were becoming more commercial in nature, suggesting that this was more of a fiscal policy than a monetary one and that it should be decided by either the minster of finance or the president. Alot of reactions has trailed this development