A viral circular circulating widely on WhatsApp has been debunked by the Central Bank of Nigeria (CBN), after it falsely claimed the introduction of two new denominations, the N5,000 and N10,000 notes. The document, which was falsely attributed to the CBN, suggested that the new banknotes would be in circulation from May 1, 2025, and that the introduction was part of the bank’s efforts to improve cash transactions and liquidity management.
The message also included a supposed statement from Deputy CBN Governor, Dr. Ibrahim Tahir Jr., justifying the move as a way to reduce cash-handling costs and provide Nigerians with more efficient options for larger transactions. However, the CBN quickly issued a refutation, emphasizing that the content was not from their official sources.
In an official statement, the CBN stated: “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.” The apex bank also reiterated its commitment to transparency and accurate communication with the public.
This clarification comes after a turbulent period in 2023 when the CBN was embroiled in controversies surrounding the redesign of the N200, N500, and N1,000 notes. The bank had to address issues related to counterfeit banknotes, especially higher denominations, which were found circulating in food markets and commercial centers across major cities in Nigeria.
At the time, CBN’s Acting Director for Corporate Communications, Hakama Ali, warned the public about the dangers of counterfeiting, stating that the act of falsifying or counterfeiting any CBN-issued note or coin is a criminal offense that can lead to at least five years in prison.
The CBN has reassured the public that it remains actively engaged with security and financial agencies to combat counterfeit operations and protect the integrity of Nigeria’s currency system.
