In an attempt to reduce the volume of cash baggage and security exposure in cash transactions, the Central Bank of Nigeria (CBN), 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 which are all presently notes, into coins.
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 LEADERSHIP 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.
Okorafor, who 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.
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