The cheapest 5MP phone is LG KG920
10.5K
Digit tested it in one of its cellphone shootouts and found its camera specs were rated equal to N95 (5mp, 352x288 video, lens cover, flash, auto focus etc. quality wise both scored 7/10 (compare it with N80 which got 6.25) plus it is twist phone for self portraits at varying angles)
Here is an exhaustive review by the authority CNet
*asia.cnet.com/reviews/mobilephones/0,39051200,39254840p,00.htm
But its not advisable as both N95 and KG920 are old phones. You can get better phones but not cheaper. though.