The Central Bank of Nigeria (CBN) has dismissed claims that it plans to introduce new N5,000 and N10,000 banknotes, labeling the circulating report as false and misleading.
A widely shared message on WhatsApp and other social media platforms alleged that the CBN had issued a circular announcing the introduction of these high-value denominations, set to enter circulation on May 1, 2025. However, the apex bank swiftly debunked the claim, warning the public against falling for misinformation.
CBN’s Response to the Fake Circular
The CBN clarified through its official X (formerly Twitter) account that the document did not originate from the institution.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the bank stated, urging Nigerians to verify financial information only from official sources.
The fraudulent circular, which falsely attributed the statement to Deputy CBN Governor Dr. Ibrahim Tahir Jr., claimed that introducing N5,000 and N10,000 notes aimed to reduce cash-handling costs and improve liquidity management.
However, the CBN completely disowned the statement, stressing that no such decision had been made and cautioning the public against spreading unverified information.
Nigeria’s Ongoing Currency Management Challenges
This is not the first time the CBN has been at the center of currency-related controversies.
In 2023, the bank redesigned the N200, N500, and N1,000 notes, a move that sparked debates and logistical challenges nationwide. Later that year, the CBN raised concerns over the rising circulation of counterfeit naira notes, particularly higher denominations, reportedly used in major commercial hubs and markets.
At the time, Hakama Sidi Ali, the Acting Director for Corporate Communications at the CBN, warned that counterfeiting naira notes is a criminal offense punishable by a minimum of five years imprisonment. She also reassured Nigerians that the CBN was working closely with security agencies and financial institutions to crack down on counterfeit currency syndicates and safeguard the naira’s integrity.
The Impact of Misinformation on Nigeria’s Financial System
The swift response from the CBN in debunking the fake circular underscores the critical importance of factual information in financial communication. In an era where misinformation spreads rapidly on social media, the bank has emphasized transparency and accurate public engagement.
By encouraging Nigerians to rely only on official CBN announcements, the bank aims to protect public trust and prevent unnecessary panic within the economy.
In Summary
As Nigeria navigates currency reforms and monetary policies, combating financial misinformation remains a key priority. The recent fake report on N5,000 and N10,000 notes highlights the broader issue of digital-age misinformation and the need for verified news sources.
The CBN’s proactive stance in addressing fake news ensures that the public remains well-informed and prevents the spread of misleading narratives that could disrupt the financial sector.
