CBN Speaks on ‘Planned’ Introduction of N2000, N5000 Notes
By Alabidun Shuaib AbdulRahman
A rumored intention to create N2,000 and N5,000 notes in Nigeria has been refuted by the Central Bank of Nigeria, CBN.
Following the announcement of plans to revamp a few currency notes, some Nigerians, particularly on social media, made the assumption that the apex bank would also introduce N2,000 and N5,000 notes.
However, Ahmed Bello-Umar, the CBN’s director of currency operations, emphasized that the N1,000 note continues to be the highest denomination of currency in Nigeria in an interview with Voice of America’s Hausa Service on Monday.
Umar, therefore, called on Nigerians to be wary of fraudsters and fake news peddlers, stating 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.