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N1,000 currency note out May 29

Posted by By Mojeed Jamiu, Finance Editor on 2005/01/24 | Views: 305 |

N1,000 currency note out May 29


Mint-fresh N1,000 currency notes will be introduced by the Central Bank of Nigeria (CBN) on May 29, the highest denomination ever, each twice the value of the current top shot, the N500.

Mint-fresh N1,000 currency notes will be introduced by the Central Bank of Nigeria (CBN) on May 29, the highest denomination ever, each twice the value of the current top shot, the N500.

A source at the CBN had said recently that the N1,000 bill, made of fine polymer-related material, is being circulated at a time attempts are being made to convert some currency notes into coins.

CBN Assistant Director (Corporate Affairs) Tony Ede confirmed the news on the telephone from Abuja on Monday. The May 29 date for the introduction of the N1,000 currency notes is real, he stressed enthusiastically

Apart from the fact that that day coincides with the celebration of democracy, it also commemorates the one year anniversary of CBN Governor Charles Soludo who assumed office on June 1 last year.

The N500 note was introduced in December 2001, the next in rank, the N200, came into circulation in July the same year.

Introduction of the N1,000 notes would also complement the reform efforts of Soludo who has minced no words in saying that the new CBN would be development oriented.

It had late last year merged some departments, reducing them from 23 to 18 so as to enhance CBNs monitoring and supervisory roles.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.