CBN Speaks On Introducing N2000, N5000 Notes

CBN Speaks On Introducing N2000, N5000 Notes

The Central Bank of Nigeria (CBN) has denied reports that it intends to issue N2,000 and N5,000 notes.

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

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

He stated that everyone is free to deposit any amount of money they have within the specified time frame.

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Biyu explained that the currency redesign is required by Section 2(b) of the CBN Act, which states that currencies must be renewed every five years.

“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 refuted claims that the redesigned notes are of poor quality, stating that the texture and quality are improved and well secured.

“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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