CBN Finally Speaks on Plans to Print 5,000 Naira Notes After a Video Surfaced Online

CBN Finally Speaks on Plans to Print 5,000 Naira Notes After a Video Surfaced Online

  • The Central Bank of Nigeria has issued a statement to Nigerians over alleged plans to produce N5000 notes
  • Videos of some bundles of new N5,000 notes with the Central Bank of Nigeria clearly printed on them surfaced online
  • President Muhammadu Buhari recently unveiled the CBN's newly redesigned 200, 500, and 1000 naira notes

The Central Bank of Nigeria (CBN) ruled out the introduction of the N5000 note in the nation on Tuesday, 29 November 2022.

The explanation came from the CBN's Director of Currency Operations, Ahmed Umar, during a three-day workshop in Abuja.

The event was organised by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors.

CBN 5,000 naira notes
Image of fake 5000, 2000 naira notes that surfaced online Credit: @bbc
Source: Facebook

Last week, President Muhammadu Buhari revealed the new N200, N500, and N1000 notes in Abuja.

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Videos of some bundles of new N5,000, N2000 notes with the Central Bank of Nigeria clearly printed on them recently surfaced online.

Legit.ng conducted a fact check, revealing that the new notes are fake and have been circulating online for over two years.

CBN reactions to new N5000 notes

Umar, who was represented at the meeting by Amina Halidu-Giwa, the CBN's Head of Policy Development and Currency Operations, stated that the apex bank does not engage in note restructuring.

According to the Punch, Umar said that the CBN has made no provision for another denomination.

The CBN official stated:

“We are not introducing any new note because there was noise, 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.

“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."

CBN removes bank charges, sets new rules for cash withdrawals

In another report, the Central Bank of Nigeria adjusted bank charges to accommodate deposits made by Nigerians

Legit.ng reports that the action is intended to persuade Nigerians to return their old naira notes to banks within the next 60 days

The CBN has also announced the documents that will be required for Nigerians to withdraw large sums of money from the bank.

Source: Legit.ng

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