The 5,000 naira note to be introduced early next year will have the photos of three legendary women activists, among them Funmilayo Ransome Kuti, mother of late Afrobeat legend Fela Anikulapo-Kuti.

Central Bank Governor, Mallam Sanusi Lamido Sanusi, disclosed this while speaking with newsmen in Abuja, the Nigerian capital, yesterday. He named Margaret Ekpo and Gambo Sawaba as two other prominent Nigerian women whose photos will grace the jumbo note alongside Fela’s mother. The CBN Governor explained that the gesture is a way of recognising the contributions of the women, all deceased, to the development of Nigeria.

Funmilayo Ransome Kuti (1900 - 1978), Margaret Ekpo (1914 - 2006) and Gambo Sawaba (1933-2001) were celebrated women’s rights activists and social mobilisers during their lifetime.

Sanusi disclosed that the reverse side of the note would have the picture of the National Assembly, a symbol of the country’s fledgling democracy.

The jumbo note has already been approved by President Goodluck Jonathan. Hear Sanusi: “On November 28, 2011, the CBN Board considered and approved the new currency series. It subsequently sought and, on December 19, 2011, obtained the approval of President Goodluck Jonathan.

“Under the new structure, the existing denominations of N50, N100, N200, N500 and N1,000 will be redesigned with added new security features. It is also our pleasure to inform you that a new high currency denomination will also be introduced. It is the N5,000 note.”

Sanusi said the redesigned N50 and new N5,000 notes would be launched in early March next year, explaining that the introduction of the new currency notes “will be a gradual process, as the banknotes will circulate simultaneously with the old series until they are fully withdrawn from circulation. Therefore, there will be no urgent need for exchange of the old for the new banknotes by the general public for as long as the old notes are in circulation, they remain legal tender.”

Te CBN Governor dismissed fears that the 5,000 naira would worsen inflation, saying: “Inflation in Nigeria is a monetary phenomenon. Secondly, in some countries such as Singapore, Germany and Japan, the highest denominations are 10,000 SGD and Yen 10,000, respectively.

“These denominations have relatively high dollar equivalent. The levels of inflation are, however, low at 2.8, 1.1 and -0.7, respectively as at 2010.

“We believe that the introduction of a higher bill would complement the bank’s cashless policy as it would substantially reduce the volume of currency in circulation, particularly in the long term.”

*Photo shows CBN Governor Sanusi (left) at yesterday’s media briefing in Abuja.

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