The Central Bank of Nigeria (CBN) on Thursday announced that it is going to introduce N5,000 note into the system.

The faces of three prominent Nigerian female activists are to be used on the new note. They are those of late politician and social mobiliser, Margaret Ekpo (1914 – 2006); late politician and activist Hajia Gambo Sawaba (1933 – 2001) and late politician and women’s right activist Funmilayo Kuti (1900 -1978).

Addressing journalists in Abuja, the governor of the CBN, Sanusi Lamido said that the plan is aimed at enhancing the quality of banknotes, incorporate a more effective feature for the visually impaired as well as reduce cost of production, distribution and disposal of banknotes.

“On the 28 of November 2011, the CBN board considered and approved the new currency structure. It subsequently sought, and on 19 December 2011 obtained, the approval of his excellency the president Dr Goodluck Ebele Jonathan (GCFR),” Mr Sanusi said.

“Under new structure the existing denomination of N50, N100, N200, N500 and N1000 will be redesigned with added new security features.

“It is our pleasure to tell you that a new high currency denomination will also be introduced. It is the N5000 note.

“In the same vain, the lower bank notes of N5, N10 and N20 will also be coined.

“Consequently, the naira currency structure will now be 12. These are six coins and six bank notes denominations.”

The CBN helmsman said that efforts are on top gear to ensure that the redesigned N50 and new N5000 notes are launched early next year.

TEXT OF PRESS BRIEFING BY THE GOVERNOR OF THE CENTRAL BANK OF NIGERIA, MALLAM SANUSI LAMIDO SANUSI, CON, ON THE PROPOSED CURRENCY RESTRUCTURING EXERCISE, “PROJECT CURE”