The Central Bank of Nigeria, CBN, says it has no plan to introduce N5,000 note denomination as being speculated.
The Director, Currency Operations of CBN, Mr Ahmed Umar, clarified this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation, for members of the Financial Correspondents Association of Nigeria, and Business Editors in Portharcourt.
Mr Umar who spoke on the topic, “Redesign of the Naira: Benefits to the financial system and the Nigerian economy”, said the apex bank was not carrying out note restructuring but redesigning.
Mr Umar was represented by the Head, Policy Development Division, Currency Operations Department CBN, Mrs Amina Halidu-Giwa,
“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.
Mr Umar explained that if the apex bank wanted to carry out note restructuring, it would need to make lower denomination like the #100 and #200 coins.
He also pointed out 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any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.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 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.
Buzz ministry had reported that immediately the apex bank announced plans to
redesign the N200, N500, and N1,000 notes in October, videos of some bundles of new N5,000 notes with the name of the Central Bank of Nigeria clearly printed on them, circulated on social media.
The theme of the three days workshop was; Building Depositors Confidence Amidst Emerging Issues and Challenges in the Banking Industry.”
