CBN to introduce N1,000 notes October
 

Daily Trust (Abuja)

12.08.05
By Anas A. Galadima

The Central Bank of Nigeria (CBN) is to introduce the N1,000 currency notes on Oct 12, 2005. Authoritative sources in the bank said that the notes, which would have been introduced on May 29, 2005 as part of activities marking this year's anniversary of the present administration, had to be shelved due to other considerations.

The apex bank had planned the higher denomination notes as part of the currency reform exercise which will entail the introduction of polymer notes into the economy.

The sources, however, said that the CBN had jettisoned the idea of introducing polymer notes and would retain the paper notes.

Meanwhile, reports from the News Agency of Nigeria (NAN) said the apex bank said that it was satisfied with the progress recorded in the banking sector reform.

The Deputy Governor of the CBN in charge of Financial Sector Surveillance told newsmen in Lagos on Wednesday that in spite of criticisms, the ongoing consolidation exercise was on course.

He, however, said that some challenges had surfaced in the course of the reform programme but assured that such challenges were surmountable.

Lemo said that the bank had organised a workshop on "Post Merger Integration Issues" with J.P Morgan and HSBC for Nigerians to share experiences of the two companies on merger.

He said that the bank's objective on consolidation was to make Nigerian operators to be abreast with what was happening worldwide, saying that after the current exercise, there would be market-induced mergers.

The Deputy Governor said that when the Asset Management Company (AMC) was fully in place, the consolidation processes would be enhanced.

He said that the bill for the establishment of the AMC was before the National Assembly and would soon be passed into law.