Wednesday, August 29, 2012

BREAKING NEWS:No Going Back on N5,000 Notes. - CBN.

The Central Bank of Nigeria (CBN) has expressed its readiness not to 'roll back' the plan to introduce the N5, 000 notes in 2013, irrespect
ive of the lack of support from Nigerians.
The Bank's director of communication said that the fears expressed by Nigerians, including economists and finance experts, had no basis in economics.
“I have heard that the introduction of the N5, 000 will bring inflation. I challenge anybody, who is an economist to tell me an economic theory that says when you have a higher denomination in your pocket, it will change how you spend money.”

CBN scheduled to spend N40billion for the production of the new notes and coins.

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