Central Banking

Central Bank of Nigeria rebuts ‘false rumours’ on currency plans

naira-nigeria

The Central Bank of Nigeria on September 4 released a statement defending plans for a new 5,000 naira banknote, saying rumours circulating about the note's cost and inflationary impact were "malicious" and "dangerous".

The proposal to reduce the volume of currency in circulation, which included the introduction of a 5,000 naira note, was announced by the central bank's governor Sanusi Lamido Sanusi on August 23. However, the plan came under fire from various parties in the country, with the

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