The Central Bank of Nigeria (CBN) has announced its plans to introduce the N5000 note and redesign the N50 denomination.

The Sanusi Lamido Sanusi-led apex bank also aims to convert the N5, N10, and N20 denominations into coins, and again create 50kobo, N1 and N2; thus making the overall Nigerian currency structure six coins and six notes.

And for the first time ever, four historical faces will be plastered on the N5000 note. The faces include prominent politician and social mobiliser, Margaret Ekpo (1914 – 2006); the late politician and activist Hajia Gambo Sawaba (1933 – 2001) and the late politician and women's right activist Funmilayo Kuti (1900 -1978).

The CBN governor said the rationale behind the new note is to reduce the volume of bank notes and the overall cost of currency management. He also stated that efforts are being put in place to ensure that the redesigned N50 and the new N5000 banknotes are launched early in 2013.