No Plan to Print N5000 Note; Says CBN

The Central Bank of Nigeria (CBN) has denied plans to print N5,000 denominations, the clarification was made by the Director of Currency Operations, Ahmed Umar during an event in Port Harcourt, Rivers State. 

Umar, who was represented by Amina Halidu-Giwa, Head of Policy Development at CBN Currency Operations Department was quoted to have said “We are not introducing any new note. Some people have seen one N5000 note that we don’t know about”. 

Investors King learnt that various mock-up designs of N5000 notes have surfaced on the internet amid the anticipation of the CBN naira redesign policy. 

It could be recalled that the apex bank had introduced newly redesigned notes which the bank claimed will help to address currency circulation, counterfeiting, and terrorism. The affected denominations include N200, N500, and N1000 notes. 

Speaking on the development, Umaru noted that the central bank will be printing a significantly limited amount of the redesigned currency to promote cashless policy. 

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

It is understood that the apex bank has often encouraged Nigerians to embrace cashless policy as a way of promoting financial inclusion and to prevent currency mutilation. 

In this direction, the CBN also launched the e-Naira, a form of digital naira which has the value as the naira notes. 

Meanwhile, Cable news has also reported that the viral video of the N5000 denomination is fake. 

Cable news stated that the video has been on Facebook and Youtube since 2020. 

While acknowledging the video in 2020, the CBN also released a statement to dispel the unfounded rumor. 

A statement which was released by the apex bank in May 2020 partly read, “Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake”.

“Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies”.