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N2,000 & N5,000 banknotes in circulation are false and fake - CBN warns Nigerians - LEGIT

JUNE 01, 2020

- CBN has denied claims of N2,000 and N5,000 banknotes in circulation 

- The nation's apex bank stated that such banknotes are false and fake 

- The bank urged members of the public to disregard such claims 

The Central Bank of Nigeria (CBN) on Sunday, May 31, denied videos and pictures of the purported circulation of N2,000 and N5,000 banknotes in the country. Legit.ng gathered that this was disclosed in a tweet via the official Twitter handle of the bank. The apex bank warned that the banknotes are false and fake. CBN called on Nigerians to disregard claims of such banknotes and urged members of the public to report anyone found in possession of such to law enforcement agencies. 

It would be recalled that back in 2012, Nigeria's apex bank under the leadership of former Emir of Kano Sanusi Lamido Sanusi said it was going to introduce a N5,000 banknote into the country early 2013. 

At that time the former CBN governor said the new banknotes which would have been the highest denomination were to be introduced as a result of inflationary pressures on the Nigerian currency (Naira). The design of the N5,000 note was reported to feature the faces of three Nigerian female freedom fighters, Mrs. Margaret Ekpo, Mrs. Funmilayo Ransome-Kuti and Hajiya Gambo Sawaba. 

Meanwhile, Legit.ng previously reported that in a bid to avert the looming economic recession as a result of the coronavirus pandemic, CBN has cut its key interest rate to 12.5% from 13.5%. The new rate is the lowest in four years, citing CBN's governor Godwin Emefiele as saying that seven of the 10 members of the monetary policy committee voted for the cut. 

The cut may have two effects; one, it may further stoke inflation and increase pressure on the naira; two, it could also help boost the economy which is facing pressure from the oil price crash and the coronavirus pandemic. 

In other news, CBN governor, Godwin Emefiele, has assured citizens that Nigeria’s $37billion current foreign reserves is “robust to support the economy.” 

Emefiele gave the assurance during a virtual meeting held at the weekend with Chief Executive Officers (CEOs) of conglomerates in the country. The apex bank governor, who spoke against the backdrop of a recent decline in the foreign reserves, pledged the apex bank’s “willingness to provide foreign exchange to companies that required such for raw materials and machinery that could not be obtained in Nigeria. 

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