Naira redesign: The Central Bank of Nigeria has denied plans to print a N5000 note.

The Central Bank of Nigeria (CBN) has stated that there are no plans to introduce N5,000 bank notes following the redesign of the naira.

CBN Director of Currency Operations Ahmed Umar made the clarification on Tuesday in Port Harcourt, Rivers State.

Umar attended a workshop for Financial Correspondents Association of Nigeria (FICAN) and Business Editors hosted by the Nigeria Deposit Insurance Corporation (NDIC).

“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Umar added that the focus of the apex bank is printing notes that would replace the currencies to be withdrawn.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.

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