Ahmed Umar, the CBN's Director of Currency Operations, clarified this at a three-day workshop for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors organized by the Nigeria Deposit Insurance Corporation (NDIC).
The workshop, which began on Monday in Port Harcourt, has the theme "Building Depositors Confidence Amidst Emerging Issues and Challenges in the Banking Industry," according to the News Agency of Nigeria (NAN).
Umar, who spoke on the topic "Redesign of the Naira: Benefits to the Financial System and the Nigerian Economy," stated that the apex bank was not restructuring notes.
"We are not introducing any new notes because of the noise; some people have seen one N5000 note that we are not aware of," he explained.
Amina Halidu-Giwa, the bank's Head of Policy Development Division, Currency Operations Department, represented Umar.
He explained that if the central bank wanted to carry out note restructuring, it would need to coin lower bills, such as the N100 note.
He also stated that the apex bank had made no provision for exchange in the redesigned note, and that what was being printed would only replace the currencies that had been withdrawn.
"What we print will be very limited because we want to use other means of settling transactions."
"There appears to be a problem because of Nigerians and cash." It will also improve our visibility and control over the currency.
"We'll be able to control the number of banknotes outside as well," he added.
According to the New Agency of Nigeria (NAN), videos of some bundles of new N5,000 notes with the Central Bank of Nigeria's name clearly printed on them circulated on WhatsApp shortly after the apex bank announced plans to redesign the N200, N500, and N1,000 notes in October.
