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Senate endorses N5000 note

11 September 2012, 16:12

Abuja - The Nigerian Security Printing & Minting (NSPM) Plc has been directed by the Senate to start printing N5000 note in 2013.

The Managing Director of NSPM, Ehi’ Okoyomon, at a conference and exhibition organised by the Association of African Banknotes & Security Documents Printers in Lagos on Monday, explained that CBN had already given the firm a specimen of the proposed note.

Okoyomon said that it was, however, discovered that NSPM does not have the type of machine that can print the new banknote because of a specialised feature included in it.

“The CBN  has shown us the N5,000 design but there is a particular feature in the note that we do not have the machine to print at the moment. But I want to tell you that by mid-2013, we will have the machine to print the note,” he said.

There had been public outcry against the introduction of the banknote, but this will not stop the CBN from introducing the currency as approved by the presidency.

The higher denomination will be introduced alongside the new coins of N5, N10, and N20.

Okoyomon added that NSPM currently prints all Nigerian currencies at home, and would commence same for the proposed N5,000 note next year.

According to him, high resolution machines are making digital counterfeiting easier, hence, the necessity for regulators to
continually improve on the sophistication and technology used in note printing.

He said high security features have been added to the proposed N5,000 note to make ensure that it is not counterfeited.

In a similar development, the family of late Margaret Ekpo, one of the three women to be featured on the note, has endorsed the CBN's plan.

The Head of Ekpo’s Family, Bassey Ekpo, said the family feels very honoured and delighted that their grandmother is being so honoured.

The other two women whose images will be on the note alongside Ekpo's, are Olufunmilayo Ransome-Kuti and Gambo Sawaba.


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