The Central Bank of Nigeria (CBN) has ruled out the introduction of the N5000 note in Nigeria.

This was revealed by CBN’s Director of Currency Operations, Ahmed Umar, during a three-day workshop in Abuja.Information Guide Nigeria

According to LEGIT, the event was organized by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors.

CBN’s Director of Currency Operations who was represented at the meeting by Amina Halidu-Giwa, the CBN’s Head of Policy Development and Currency Operations, said that the apex bank does not engage in note restructuring.NYSC portal

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He also said that the CBN has made no provision for another denomination.

The CBN official stated:

“We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about.JAMB portal

“What we are printing is going to be very limited because we want other means of settling transactions to be used.JAMB Result

“Because of Nigerians and cash, there seems to be a problem. And it will give us enhanced visibility and control of the currency. “We will also be able to control the number of banknotes outside.”

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