The Central Bank of Nigeria (CBN) said there’s no plan to introduce N5,000 denominated bank note following the naira redesign.
Ahmed Umar, CBN Director of Currency Operations made the clarification on Tuesday in Port Harcourt, Rivers State.
Umar attended the Nigeria Deposit Insurance Corporation (NDIC) workshop for Financial Correspondents Association of Nigeria (FICAN) and Business Editors.
We are not introducing any new note. Some people have seen one N5000 note that we don’t know about”, NAN quoted him saying.
Umar was represented by Amina Halidu-Giwa, Head of Policy Development at CBN Currency Operations Department.
The official said note restructuring would mean that lower bills like the N100 note would become coin.
Umar added that the focus of the apex bank is printing notes that would replace the currencies to be withdrawn.
“What we are printing is going to be very limited because we want other means of settling transactions to be used,” he explained.