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CBN Speaks on Plan to print N5000 Note

N5000 Note: See What says about Making new Currency

The Central Bank of Nigeria (CBN) has addressed rumours that it will issue banknotes worth N5000.

Ahmed Umar, the CBN’s Director of Currency Operations, reportedly clarified that the central bank has no such plans.

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Read Also: New Naira Notes: Fresh Facts Why CBN Redesigned Naira Notes Emerges

He made this statement during a three-day workshop for business editors and members of the Financial Correspondents Association of Nigeria (FICAN) that was organised by the Nigeria Deposit Insurance Corporation (NDIC).

The workshop, which began on Monday in Port Harcourt, has as its theme “Building Depositors Confidence Amidst Emerging Issues and Challenges in the Banking Industry”.

Umar claimed that the apex bank was not restructuring notes in his speech on “Redesign of the Naira: Benefits to the Financial System and the Nigerian Economy.”

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Because of the commotion, “We are not introducing any new note,” he said. “Some people have seen one N5000 note that we are not aware of.”

Amina Halidu-Giwa, the head of the bank’s currency operations department’s policy development division, served as Umar’s representative.

He clarified that the lower denomination notes, such as the N100 note, would need to be coined if the apex bank wanted to implement note restructuring.

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Also Read: Naira Re-design: Five Things every Nigerian must know about CBN new naira notes ahead of circulation

Additionally, he claimed that the apex bank had only printed new notes to replace the currencies that had been withdrawn and had not included any provisions for exchange in the redesigned note.

“What we print will be extremely constrained because we want to use other methods of transaction settlement.

“There seems to be an issue because of Nigerians and money. Additionally, it will improve our ability to see and manage the currency.

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We will be able to manage how many banknotes are outside, he added.

Reports Making rounds claims that the Central Bank of Nigeria’s name is clearly printed on videos of some bundles of the new N5,000 notes that were circulated on WhatsApp shortly after the apex bank announced plans to redesign the N200, N500, and N1,000 notes in October.

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