The Central Bank of Nigeria (CBN) has dismissed speculations it plans to introduce N2,000 and N5,000 notes.
CBN branch controller, Umar Ibrahim Biyu, stated this during a sentisation exercise at Dawanau International Grains Market, Kano.
Biyu described the naira redesigned policy as necessary and called on the marketers to ensure they deposit the old currencies with them before January 31, 2023
He said everyone is allowed to deposit any amount of money he or she has within the given period without charges.
Biyu explained that the redesigning of the currency is necessary as provided by Section 2(b) of the CBN Act, which states that currencies are due to 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.