CBN shortlists three foreign firms to print N5000 note

The Central Bank of Nigeria is going ahead with the planned introduction of the N5,000 notes and the coinage of N5, N10 and the N20 in spite of the directive by the Senate to halt the process.

SATURDAY PUNCH investigations showed that the leadership of the CBN had already called for tenders for the production of the coins amid the controversy that greeted the bank’s announcement.

It was gathered that the CBN had shortlisted three firms from the United Kingdom, Germany and France to tender for the multibillion naira minting job.

The three minting and printing firms said to have been contacted are Delarue of Britain, D&G of Germany and Orbether of France.  

It was learnt that some of the top officials of the CBN were surprised that the bank’s leadership did not find it necessary to contact any of the Russian firms said to be reputed for the production of quality bank notes.

 It was gathered that the three foreign firms were contacted based on their understanding of doing business in the Nigerian environment.

CBN Governor, Sanusi Lamido Sanusi, had said during a news conference in Abuja on Aug. 23, that the bank had secured a presidential approval to introduce the N5,000 denomination and to coin the lower denominations of N5, N10 and N20.  

Sanusi had described the planned review as ‘Project Cure.’

According to him, the proposed N5,000 note would have the portraits of three distinguished Nigerian women, who contributed to the nation’s struggle for self-rule.