CBN to roll out N5000 note in March 2014
disclosed at the weekend that it would soon conclude plans
to produce and roll out N5000 bills, a project which was
initially abandoned due to its rejection by Nigerians.
Deputy Governor of CBN, Tunde Lemo, who disclosed this
while speaking to journalists at the NIBSS 20th anniversary
conference held in Lagos, said in one to two months from
now, the N5000 notes would be in circulation.
According to him:" We only stopped the project due to the
low level of understanding of its benefits among Nigerians,
but we now plan to educate the people about the
importance of the notes to our economy before we
eventually launch it".
He added that Nigerians would soon see the notes in
circulation and start to enjoy its benefits.
Speaking on the cashless initiative, Lemo noted that it has
been a great success within the experimented states,
stressing that the apex bank has deployed 120,000 Point of
Sale (PoS) Machines across the states where cashless policy
is being experimented in Nigeria.
He frowned at reports that 70 percent of the PoS deployed
within the country are ineffective, explaining that a lot of
things could have caused the ineffectiveness".
Similarly Director, Banking and Payment Systems, CBN, Mr.
Dipo Fatokun, who was also a speaker at the conference,
noted that the apex bank's cashless initiative has aided the
development of Nigeria.
He stressed that banks and customers now enjoy the easy
flow of transactions within the banks.
He, however, noted that the Nigeria payments system, in
the last two decades, has witnessed significant technological
advancement, due to the operations of Nigeria Inter-Bank
Settlement (NIBSS) Plc.
The changes were propelled by transformations in the
general financial system occasioned principally by
improvements in global economic indicators, technology as
well as improvement in human capital capacity and
knowledge.
Meanwhile funds transfer though the Nigeria Inter-Bank
Settlement System (NIBSS)'s Electronic Funds Transfer (NEFT)
system hit an all time high of N11.63 trillion in
24.34million transactions between January and October this
year.
Transactions over NIBSS Instant Payment (NIP) which
channels include bank branches, internet banking and
mobile banking within the same period was valued at
N8.16trillon in 12.53million volume of transactions. A
report released by NIBSS disclosed that the NEFT
transactions allow for a maximum of 24 hours for the
beneficiary to get value while NIP transactions are done
instantly.
Source:kaaf.com
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