CBN D3nies Plan To Print ₦‎5,000 Note

Following the redesign of the naira, the Central Bank of Nigeria (CBN) stated that there are no plans to produce bank notes valued at N5,000.

The clarification was provided on Tuesday in Port Harcourt, Rivers State, by Ahmed Umar, Director of Currency Operations for the CBN.

Umar attended the training put on by the Nigeria Deposit Insurance Corporation (NDIC) for business editors and the Financial Correspondents Association of Nigeria (FICAN).

We are not introducing any new note. Some people have seen one N5000 note that we don’t know about”, NAN quoted him saying.

Umar was represented by Amina Halidu-Giwa, Head of Policy Development at CBN Currency Operations Department.

The official said note restructuring would mean that lower bills like the N100 note would become coin.

Umar added that the focus of the apex bank is printing notes that would replace the currencies to be withdrawn.

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