CBN PLANS TO INTRODUCE N5,000 & N2,000 NOTES
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.
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Is this te country's problem at the moment?This is too bad as it's thought the CBN seems to be short of idea.I think the financial apex has got to pursue its policy on cashless society.