Redesigned Naira: CBN Finally Addresses Controversial N5000 Notes

The Central Bank of Nigeria (CBN) has reacted to claims that it plans to release N5000 notes after redesigning the existing lower denominations.

According to the CBN’s Director of Currency Operations, Ahmed Umar, the apex bank is not introducing N5000 notes, contrary to a video circulating on social media app, WhatsApp.

Umar made this known at the three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), where he was represented by CBN’s Head of Policy Development and Currency Operations, Amina Halidu-Giwa.

Prime Business Africa gathered that shortly after CBN governor, Godwin Emefiele, announced in October that the apex bank would release new naira N200, N500 and N1000 notes, a video showing new N5000 notes surfaced on WhatsApp groups.

This led to claims that the CBN will also release N5000 notes. However, last week, President Muhammadu Buhari unveiled the redesigned N200, N500 and N1000 notes, without the speculated N5000 notes.

Speaking on Umar’s behalf during the event on Tuesday, Halidu-Giwa said the CBN has no knowledge about the N5000 shown in the video, as there’s no plan to increase the number of denominations in circulation.

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

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“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,” Halidu-Giwa said.