CBN debunks viral fake circular on N5,000, N10,000 Banknotes

The Central Bank of Nigeria (CBN) has categorically dismissed claims that it is set to introduce two new denominations—N5,000 and N10,000 banknotes—into circulation on May 1.

The apex bank refuted the widely circulated message, clarifying that the purported circular making rounds on WhatsApp and other social media platforms is entirely false.

CBN’s Official Response

In an official statement released via its verified handle on X (formerly Twitter), the CBN reaffirmed that it had made no such announcement regarding the introduction of higher denomination banknotes. The bank urged the public to rely only on verified sources for official information.

“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read, reinforcing the institution’s commitment to transparency and accurate communication.

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The viral circular, falsely attributed to the CBN, had claimed: “The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations—N5,000 and N10,000 banknotes—as part of ongoing efforts to streamline cash transactions and improve liquidity management.”

The document also falsely quoted a Deputy CBN Governor, Dr. Ibrahim Tahir Jr., as justifying the alleged move by suggesting it would reduce cash-handling costs and offer Nigerians more efficient options for high-value transactions.

Nigeria’s Currency Management and Past Controversies

This is not the first time the CBN has been at the center of currency-related misinformation. In 2023, the apex bank faced widespread controversy over the redesign of the N200, N500, and N1,000 banknotes.

The redesign process led to cash shortages, economic disruptions, and confusion among Nigerians, further fueling skepticism about monetary policies.

Additionally, in the latter part of 2023, the CBN raised concerns about the circulation of counterfeit naira notes, particularly higher denominations.

Reports emerged that fake banknotes were being used in food markets and major commercial centers across the country, prompting the apex bank to strengthen security measures and public awareness campaigns.

At the time, the CBN’s Acting Director for Corporate Communications, Mrs. Hakama Sidi Ali, warned Nigerians that counterfeiting CBN-issued notes or coins is a serious criminal offense punishable by at least five years of imprisonment.

She assured the public that the CBN was working closely with security and financial agencies to tackle counterfeit operations and maintain the integrity of the national currency.

Combating Misinformation in the Digital Age

The CBN’s swift disavowal of the fake circular underscores the critical need for verified information to sustain public trust.

With the rise of digital misinformation, the bank has reaffirmed the importance of relying on its official website and verified social media handles for accurate updates on financial and monetary policies.

As Nigeria continues to navigate complex challenges related to currency reforms and economic stability, the CBN remains focused on ensuring a reliable financial system while countering the spread of misleading information that could cause unnecessary panic.