No plan to introduce N2000, N5000 notes –CBN

The Central Bank of Nigeria (CBN) has dismissed speculations it plans to introduce N2, 000 and N5, 000 notes.

CBN branch controller, Umar Ibrahim Biyu, stated this during a sensitization exercise at Dawanau International Grains Market, Kano.

Biyu described the naira redesigned policy as necessary and called on the marketers to ensure they deposit the old currencies with them before January 31, 2023.

He said everyone is allowed to deposit any amount of money he or she has within the given period without charges.

Biyu explained that the redesigning of the currency is necessary as provided by Section 2(b) of the CBN Act, which states that currencies are due to be renewed every five years.

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“But the last time the Naira was renewed was 18 years ago. This has given room for fake currencies (counterfeits), lesser money in the bank with over 80 percent in circulation in the public and reduced financial inclusion.

“The redesigning of it also serves as a major step in fighting corruption in the country,” he said.

He added: “Redesigning the larger denominations of the Naira will curb the circulation of fake currencies which affects the economy.

“Only 15 percent of the currency is in the banks. Over 80 percent are out there in circulation or hoarded.

“This has reduced financial inclusion, even with the people’s oriented policies of the government,” the CBN controller said, dismissing speculations that the apex bank has planned to introduce N2000 and N5000 notes.

He also dismissed claims that the redesigned notes are substandard, explaining that the texture and quality are enhanced and well secure.

“The colour that is said to be coming off when rubbed with a slightly wet tissue is not abnormal; it is the reflection of a high-quality ink called interblio used in minting it. Even a brand new Dollar note is like that.

“You should therefore return all the N200, N500 and N1000 denominations in your possessions. Those who have accounts should open the eNaira accounts to ease transactions and those who don’t have accounts should quickly go to commercial banks and open accounts,” he stated.


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