No plan to introduce N5,000 note – CBN

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The Central Bank of Nigeria has said it has no plan to introduce N5,000 denominated bank note as being speculated in some quarers.

Uba Group

The Director, Currency Operations of CBN, Ahmed Umar, gave the clarification at a three-day workshop organised by the Nigeria Deposit Insurance Corporation for members of the Financial Correspondents Association of Nigeria and Business Editors.

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

Umar, who spoke on the topic, “Redesign of the Naira: Benefits to the financial system and the Nigerian economy”, declared that the apex bank was not carrying out note restructuring.

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

Represented by Amina Halidu-Giwa, Head, Policy Development Division, Currency Operations Department of the bank, Umar explained that if the apex bank wanted to carry out note restructuring, it would need to coin the lower bills, like the N100 note for example.

He equally said the Central Bank did not made any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.

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

“Because 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 ,” he said.

There were videos of some bundles of new N5,000 notes with the name of the Central Bank of Nigeria printed on them on social media immediately after the apex bank announced plans to redesign the N200, N500, and N1,000 notes in October.