The Central Bank of Nigeria (CBN) has refuted a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes.
According to the purported circular, the new notes would go into circulation on May 1.The apex bank issued a comment using its official X (formerly Twitter) feed, calling the circular “fake.”
“The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes – as part of ongoing efforts to streamline cash transactions and improve liquidity management,” read the widely circulated, viral circular on WhatsApp that was mistakenly attributed to the CBN.
According to the document, Dr Ibrahim Tahir Jr, a Deputy CBN Governor, further claimed that the action was justified by the desire to lower cash handling expenses while providing Nigerians with more effective options for larger transactions.
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The apex bank, however, denied the allegations and advised the public to confirm information on 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 CBN stated, emphasising its commitment to transparency and accurate communication.
The bank had to cope with issues in 2023 related to the redesign of the N200, N500, and N1,000 notes.The distribution of counterfeit banknotes, especially those with greater values, was a concern expressed by the CBN later that year.
According to reports, these counterfeit naira notes were utilised in commercial hubs and food markets in Nigeria’s largest cities.Hakama Ali, the CBN’s Acting Director for Corporate Communications at the time, issued a warning: forging or falsifying any coin or note issued by the CBN is a crime that carries a minimum five-year jail sentence.
She gave the public the reassurance that the CBN is still actively working with financial and security organisations to stop counterfeiting and protect Nigeria’s monetary system.
