Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,084,779 members, 7,599,445 topics. Date: Tuesday, 03 October 2023 at 02:21 PM

Naira Noted Not Going Beyond N1,000 Note Currency-cbn Reiterates - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Noted Not Going Beyond N1,000 Note Currency-cbn Reiterates (185 Views)

CBN Reiterates Stance On FX Access, ‘status Quo Remains On 43 Non-eligible items / Nigeria Will Soon Create Digital Currency — CBN / Nigeria Will Soon Create A Digital Currency — CBN (2) (3) (4)

(1) (Reply)

Naira Noted Not Going Beyond N1,000 Note Currency-cbn Reiterates by Agricmoney(m): 3:11pm On Nov 08, 2022
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. (copied)

By Aduragbemi Omiyale

Source: https://businesspost.ng/economy/no-plan-to-increase-single-naira-note-beyond-n1000-for-now-cbn/amp/

Re: Naira Noted Not Going Beyond N1,000 Note Currency-cbn Reiterates by Snitch24(m): 3:39pm On Nov 08, 2022

(1) (Reply)

Come In, Let’s Do Business / HP Desktop For Sale / How To Get Quick LOANS For Your Business In Less Than 48hours

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2023 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.