No Plan to introduce N2,000, N5, 000 and N10,0000………….CBN


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In its effort to douse the apprehension associated with the planned redesign of Naira, The Central Bank of Nigeria, CBN has debunked the rumor of its purported readiness to introduce higher denominations in the range of N2,000 and N 5,000 has it that as preparations are on top gear to redesign some of the existing Naira notes, Nigerians have expressed their apprehension especially with the economic implications of introducing higher currency denominations. This is against the backdrop of the speculations that N2,000 and N5,000 notes would also be introduce by the CBN.

In an interview he granted the Hausa Service of the Voice of America on Monday the Director of Currency Operations, Alhaji Ahmed Bello Umar emphasized that the highest Naira denomination in Nigeria remains the N1,000 note

Mr Bello, has warned that Nigerians should be wary of fraudsters and that the wrath of the law waits anyone caught with fake banknotes.

He stressed that anybody caught should be reported to the law enforcement agencies.

He pointed out that one of the reasons of currency redesigning is to curb the menace of counterfeiting of Naira notes and this has a backing of the law.

In his remarks he said “There won’t be any denominations above the N1000 note. Therefore, there is nothing like N2, 000, N5, 000, or N10,000 as being speculated.

“The highest value of the naira is still N1, 000. And for now, there is no reason or plan to introduce any higher denomination.

 “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.

While speaking on the Arabic inscription on the Naira notes, Mr Bello urged Nigerians to remain calm and assured that the CBN would always put the interest of the public first in all its dealings.

 “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.

He further reiterate the resolve of the apex bank to engage in a massive sensitization campaign and awareness drive especially in the rural areas as soon as the new naira note is unveiled.