The Central Bank of Nigeria (CBN) has refuted claims that it is introducing N5,000 and N10,000 banknotes, dismissing a widely circulated document as fake.
In a statement released on its official X (formerly Twitter) handle, the apex bank urged Nigerians to disregard the misleading information, emphasizing that the circular did not originate from the CBN.
The fake document, which spread rapidly on WhatsApp, falsely stated that the new denominations would be introduced on May 1, 2025, as part of efforts to streamline cash transactions and improve liquidity management. The document also claimed that a Deputy CBN Governor, Dr. Ibrahim Tahir Jr., had justified the move as a way to reduce cash-handling costs.
However, the CBN swiftly disowned the claims, stating:
“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 further reiterated its commitment to transparency and accurate communication, urging the public to verify information from its official channels before spreading false narratives.
This denial comes amid past controversies surrounding Nigeria’s currency, including the 2023 redesign of the N200, N500, and N1,000 notes, as well as concerns about counterfeit banknotes circulating in major markets.
Last year, the CBN’s Acting Director for Corporate Communications, Hakama Ali, warned that counterfeiting CBN-issued notes or coins is a criminal offense punishable by at least five years in prison. She reassured Nigerians that the bank remains in active collaboration with security and financial agencies to combat counterfeit operations and safeguard the integrity of Nigeria’s currency system.
