The Central Bank of Nigeria (CBN) has swiftly debunked a viral circular claiming the introduction of new N5,000 and N10,000 banknotes.
The circular, which was widely shared on WhatsApp, falsely attributed the announcement to the CBN and stated that the new notes would be circulated starting May 1.
The alleged circular claimed that the introduction of the new denominations aimed to streamline cash transactions and improve liquidity management. It also quoted Deputy CBN Governor Dr. Ibrahim Tahir Jr. as justifying the move to reduce cash-handling costs and provide more efficient options for larger transactions.
However, the CBN has disowned the circular, labeling it as “fake” and emphasizing its commitment to transparency and accurate communication. The bank urged the public to verify information through its official website.
This incident comes after the CBN dealt with controversies surrounding the redesign of the N200, N500, and N1,000 notes in 2023. The bank also raised concerns about the circulation of counterfeit banknotes, particularly higher denominations, which were reportedly used in food markets and commercial centers across Nigeria.
The CBN reassured the public that it remains committed to combating counterfeit operations and ensuring the integrity of Nigeria’s currency system, in collaboration with security and financial agencies.
