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Business News of Wednesday, 30 November 2022

Source: www.legit.ng

CBN finally reacts to alleged plans to print 5,000 naira notes after a video surfaced online

The photo used to illustrate the story The photo used to illustrate the story

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

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

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

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

Videos of some bundles of new 5,000, 2000 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.

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 words: “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."