No Plan to Increase Single Naira Note Beyond N1,000 for Now—CBN

November 8, 2022
Naira against Dollar

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has stressed that it has no plan to increase the single value of the Naira notes to N2,000, N5,000 or N10,000, as being speculated in some quarters.

The Director of Currency Operations at the CBN, Mr Ahmed Bello-Umar, speaking in an interview with the Voice of America (VOA) Hausa Service on Monday, said, for now, the highest single value of banknotes remains N1,000.

There had been rumours that the central bank was planning to introduce higher notes into circulation. These speculations became rife after the bank said it would introduce the redesigned N200, N500, and N1,000 notes by December 15, 2022.

But Mr Bello-Umar played down such rumours, saying no new higher banknotes would be introduced into the nation’s financial system.

“There won’t be any denominations above the N1,000 note. Therefore, there is nothing like N2,000, N5,000, or N10,000 as being speculated,” he said.

“The highest value of the Naira is still N1,000, and for now, there is no reason or plan to increase it,” Mr Bello-Umar, emphasised, adding that, “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.”

But while commenting on the Arabic inscription in the Naira notes, he called for caution, assuring that the bank would not take any action that could plunge the country into a crisis.

“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.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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