CBN clears air on Arabic inscription, rumoured introduction of N2,000, N5000 notes

Abuja, Nigeria – The Central Bank of Nigeria, CBN, has denied a purported plan to introduce N2,000 and N5,000 notes in the country.

On the heels of plans to redesign a few currency notes, some Nigerians especially on social media had insinuated that N2,000, N5,000 notes would also be introduced by the apex bank.In an interview with Voice of America’s Hausa Service on Monday, Ahmed Bello-Umar, the CBN’s director of currency operations, emphasized that the N1,000 note continues to be the biggest denomination of currency in Nigeria .Mr. Umar warned Nigerians to be vigilant of con artists and purveyors of false information, adding that anyone found in possession of counterfeit money should be reported to law enforcement.”No denominations higher than the N1000 note will be available. As a result, the amounts of N2000, N5,000, or N10,000 that have been speculated about do not exist. The N1000 remains the highest value of the naira. And there are currently no plans or justifications for raising it. People should use caution to avoid falling for con artists’ tricks. In fact, we encourage people to alert security officials if someone approaches them carrying such counterfeit money.Mr. Umar urged Nigerians to maintain their composure while addressing the debate around the Arabic (Ajami) writing on the naira notes, saying that the CBN’s management would not make any decisions that went against the public interest.”We are aware that some people have filed legal claims; some claim it should be removed, while the other party claims it shouldn’t. But I want to ask everyone to keep their cool. A move that can cause public dissatisfaction won’t be made by CBN management or even the president. He urged everyone to keep their cool.

On the level of awareness of the redesigned naira notes, especially among the people in rural areas, Mr Umar said the CBN will engage in a massive sensitization campaign as soon as the president unveils the new naira notes.