It has been alleged that the Central Bank of Nigeria (CBN) will spend about N40.3billion to produce its new coins and Naira notes.
Out of the amount, N11.8billion will be spent on the new N20, N10 and N5 coins.
“The bank is spending over N40billion on the production of new coins and notes.” a member of the board of the CBN disclosed
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“The N40billion is the total sum for the production of the coins and the new notes” stated the CBN Board member, who does not want to identified statedthe board member added.
According to the source, the CBN, at its board meeting two months ago decided that most of the new notes and coins would be printed by the Nigerian Security Printing and Minting Company.
The meeting agreed that only the N5,000 note would be printed by a foreign firm which had “the technology and the capacity to handle the sensitive features in it.”
The CBN had on Thursday announced a comprehensive review of the country’s currency called Project Cure. The apex bank annonuced that it will be introducing the N5,000 note as the highest denomination by 2013, while N5, N10 and N20 notes will be coverted to coins.
The new coins will join the 50k, N1 and N2 coins already in existence but which Nigerians hardly use.
The source further revealed that some workers of the CBN would be laid off during a forthcoming retrenchment exercise.
The CBN Board member who does not want to identified stated “consultants are already meeting with the various departments to select five to 10 percent of members of staff to be laid off.”
“They are doing this in the pretext of normalising staff aggregated appraisal graph through the Head of Departments. The HODs are the ones who determine who to go in their directorates. They are doing it under the pretext that it would be used to categorise staff for productivity bonus payment.”
The CBN governor, Mr.Lamido Sanusi, at the press conference, where he announced the new structure of the Naira, had declined to give the cost of printing the currency.
He said that the cost would be seen in the CBN’s balance sheet at the end of the year.
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i see that this country is cursed.N40b for printing.will it create more jobs after printing?we have selfish and wicked leaders.we all need to save this nation from this people.
ReplyDeleteHonestly, we don't need all these at this time. High denomination fuel inflation in Nigeria. Where in Nigeria do coins being spent. Even the CBN people, when last did you spend or accept coins. Why making life difficult for the masses vide unpopular, selfcentred and ill-advised policies?
ReplyDeleteMay the Lord take control.
#40billion naira is enough to generate jobs for people. Why spend this much on what is not needed at all. I believe by now SANUTHIEF shld be thinking of how to withrdaw #1000notes frm d economy and bringing #1note back. Senseless human beings @ helm of affairs in ds country. May God hv mercy on us all.
ReplyDelete#40 billion is enough to build refineries, enough to put PHCN upright, enough to create jobs for millions of Nigerians, enough to repair major roads in Nigeria and so many other thing! God! Where have we gone wrong?! What have we done to deserve this punishment?! Y do u keep giving us these terrible, selfish, hopeless and visionless leaders! God almighty, pls forgive us our sins, for you are merciful. Without doubt, something is spiritually wrong with Nigeria. If you ask me, God answered our prayers long ago. It's time to get up from our slumber and say NO to stupidity!
ReplyDeleteThis is nonesense! Let's arise and fight against this wicked and foolish idea...
ReplyDeletePLS CBN SANUSI IF U DONT KNOW WHAT ELSE TO OFFER NIGERIANS APART FROM ISLAMIC BANKING AND 5000 NAIRA,PLS U CAN OFFER THE 40 BILLION TO EACH AND EVERYONE IN THE COUNTRY ATLIST A BABY WILL RECIEVE 2 MILLION NARIA.GOD PUNISH THE DEVIL
ReplyDeleteThis is a calculated attempt to steal, if the central Bank of Nigeria will spend over 11 billion on production of coins, what is the total value of this coins that will be produce?
ReplyDeleteThe #1000 note is too much for the poor, not to talk of #5000 note. It's just the ecomomic status of country(the rice & the poor). we don't have a middle class in Nigeria.
ReplyDelete