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 to Punch Newspaper.
"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.
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.
"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.
Sent from my BlackBerry wireless device from MTN
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