We Are Not Printing N5000 Notes, CBN Debunks Rumours

The Evangelist
November 30, 2022

The Central Bank of Nigeria (CBN) has denied the rumours claiming that the apex bank will be introducing a newly redesigned N5000 note soon.

The CBN’s Director of Currency Operations, Ahmed Umar, debunked the reports on Tuesday during a three-day workshop in Abuja.

According to Punch, Umar, who was represented at the meeting by Amina Halidu-Giwa, the CBN’s Head of Policy Development and Currency Operations, disclosed CBN is only going to be printing out limited bundles of the newly redesigned 200, 500 and 1,000 Naira notes.

He said, “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.”