Nigeria to make N5000 note a Legal Tender by 2013

The Central Bank of Nigeria will introduce a N5,000 banknote into the country’s monetary system as early as the first quarter of next year.

Also the CBN disclosed that it will transform the N5, N10 and N20 banknotes into coins, bringing the total number of coins to six – 50 kobo, N1 and N2 coins in addition to the new introductions.

The Governor of CBN, Lamido Sanusi said the new banknotes were to be introduced as a result of inflationary pressures on the Naira.

The design of the N5,000 note will feature the faces of three Nigerian female freedom fighters, Mrs. Margaret Ekpo, Mrs. Funmilayo Ransome-Kuti and Hajiya Gambo Sawaba.

Sanusi said “efforts are being put in place to ensure that the redesigned N50 and the new N5000 banknotes are launched early in 2013.”

“There will  be no urgent need for exchange of the old for the new bank notes by the general public for as long as the old banknotes are in circulation, they will remain legal tender,” he added.

The CBN governor also said the CBN would liaise with Deposit Money Banks and small scale businesses to ensure that the coins are patronied by Nigerians.

He said, “To encourage the usage of coins, the CBN will liaise with relevant MDAs, DMBs, road transport workers, market operators, small businesses, supermarkets, vendors, etc. to create avenues for the usage of the coins. The CBN will ensure that coin collection is convenient and the introduction of the new currency series will be a gradual process as the banknotes will circulate simultaneously with the old series until they are fully withdrawn from circulation.”

This makes me ask, "What is wrong with our Government?".