April 3 (Lagos) - The Central Bank of Nigeria has debunked the rumor's that it was planning to release cash notes of N 5,000 and N 10,000 into the economy.
This came as a disappointment because the 5K and 10K cash notes have become necessary given the sharp devaluation of the Naira and also the high shortage of cash notes in the economy.
Having these value notes would make it easier for people to carry Naira instead of piling on paper into their pockets.
We would expect higher denomination notes to be released at some point, maybe now is not the right time but as Naira keeps losing its value, it's need would become glaring. When the 1K note was released that Naira was around 120 to 1 USD and now it has reached 1600 levels so it does make sense to upgrade the Naira notes to keep up with the decline in our currency, our economy and purchasing power parity.
