CBN Debunks Plans To Introduce N5,000 Note

The Central Bank of Nigeria (CBN), has on Tuesday ruled out the introduction of the N5000 note in the country.

Ahmed Umar, CBN’s Director of Currency Operations, made the clarification at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors in Abuja.

President Muhammadu Buhari had last week unveiled the newly redesigned N200, N500, and N1,000 notes in Abuja.

Videos of some bundles of new N5,000 notes with the Central Bank of Nigeria clearly printed on them surfaced on social media went viral few days after the apex bank announced plans to redesign the naira notes in October.

Read also: CBN Has My Backing To Redesign Naira Notes, Says Buhari

Umar, who was represented at the forum by Amina Halidu-Giwa, CBN’s Head of Policy Development and Currency Operations, said the apex bank was not carrying out note restructuring.

He said the CBN had not made any provision for exchange in the redesigned note.

“We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about.

“What we are printing is going to be very limited because we want other means of settling transactions to be used.

“Because of Nigerians and cash, there seems to be a problem. And it will give us enhanced visibility and control of the currency.

“We will also be able to control the number of banknotes outside,” the CBN official stated.