30th November, 2022
The Central Bank of Nigeria (CBN) has clarified its position on the introduction of the N5000 note, saying that it has no plan for a new note.
Ahmed Umar, the Director, Currency Operations of CBN, clarified on Tuesday, at the ongoing workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors.
Represented by Amina Halidu-Giwa, the Head of, the 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 explained; “We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about”.
Umar added that the apex bank had 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any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.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 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”, he added.