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Naira Redesign: There Won’t Be Denomination Above N1,000 – CBN

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Naira Redesign: There Won’t Be Denomination Above N1,000 – CBN

The Central Bank of Nigeria, CBN, has debunked alleged plan to introduce N2,000 and N5,000 notes in the country.

On the heels of plans to redesign a few currency notes, some Nigerians especially on social media had insinuated that N2,000, N5,000 notes would also be introduced by the apex bank.

But the CBN Director of Currency Operations, Ahmed Bello-Umar, during an interview with the Voice of America, Hausa Service on Monday, stressed that the highest currency denomination in Nigeria remains the N1,000 note.

While calling on Nigerians to be wary of fraudsters and fake news peddlers, Mr Umar said anyone caught with fake bank notes should be reported to law enforcement agencies.

“There won’t be any denominations above the N1000 note. Therefore, there is nothing like N2000, N5,000, or N10,000 as being speculated.

“The highest value of the naira is still N1000. And for now, there is no reason or plan to increase it.

“People should be careful so they don’t get hoodwinked by fraudsters. In fact, if anybody comes to you with such fake currency, we advise people to report them to security agencies.

Speaking on the controversy over the Arabic (Ajami) inscription on the naira notes, Mr Umar appealed to Nigerians to remain calm, noting that the management of the CBN would not take any decision that negated the public interest.

“We are aware that some people have gone to court; some saying it should be removed and the other party saying it shouldn’t be removed. But I want to appeal to everybody to remain calm.

“The management of CBN and even the president will not take a decision that would lead to public unrest. “Everyone should remain calm,” he appealed.

On the level of awareness of the redesigned naira notes, especially among the people in rural areas, Mr Umar said the CBN will engage in a massive sensitization campaign as soon as the president unveils the new naira notes.

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