Naira redesign: We have no plan to print N5000 note, the CBN says

The Central Bank of Nigeria (CBN) said that introducing a new N5000 Naira banknote denomination is not part of its Naira redesign plan.

Central Bank of Nigeria, Image: Daily Post

The CBN Director of Currency Operations, Ahmed Umar clarified this on Tuesday, at a workshop organized in Port Harcourt, Rivers state by the Nigeria Deposit Insurance Corporation (NDIC) for the Financial Correspondents Association of Nigeria (FICAN) and Business Editors.

Umar who was represented by Amina Halidu-Giwa, Head of Policy Development at CBN Currency Operations Department said that what the apex bank is doing is printing notes that will replace the currencies to be withdrawn.

"We are not introducing any new note. 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,” the News Agency of Nigeria, NAN quoted Umar as saying.

The CBN official also stated that note restructuring would mean that lower bills like the N100 note would become coins.

Economy