The Central Bank of Nigeria (CBN) has disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes.
The Central Bank of Nigeria (CBN) has dismissed a recent circular circulating on social media as “fake,” stating its official X (formerly Twitter) account.
The counterfeit circular claimed that new N5,000 and N10,000 banknotes would begin circulating on May 1. It was widely shared on WhatsApp and falsely attributed to the CBN. The document claimed that introducing these new denominations was part of efforts to streamline cash transactions and improve liquidity management.
The circular also quoted Dr. Ibrahim Tahir Jr., a Deputy Governor at the CBN, who allegedly justified the move by reducing cash-handling costs and providing more efficient options for larger transactions.
However, the CBN has rejected these claims and urged the public to verify information through its official website. “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 emphasized, reaffirming its commitment to transparency and accurate communication.
In 2023, the CBN had already dealt with controversies regarding the redesign of the N200, N500, and N1,000 notes. Later that year, concerns were raised about the circulation of counterfeit high-denomination banknotes, which were reportedly used in food markets and commercial areas in major cities across Nigeria.
At that time, Hakama Ali, the Acting Director for Corporate Communications at the CBN, warned that counterfeiting or falsifying any CBN-issued note or coin is a criminal offense, punishable by a minimum of five years in prison. She assured the public that the CBN continues to collaborate with security and financial agencies to combat counterfeit operations and safeguard the integrity of Nigeria’s currency system.
