The Central Bank of Nigeria (CBN) has discredited a viral circular claiming the introduction of new ₦5,000 and ₦10,000 banknotes, declaring the document fraudulent.
In a statement on its official X (formerly Twitter) handle, the apex bank dismissed the widely-shared WhatsApp message which falsely stated: “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.”
The fake circular, purportedly signed by a “Deputy CBN Governor Dr. Ibrahim Tahir Jr.,” had claimed the new notes would enter circulation from May 1. The CBN categorically refuted these 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.”
This incident follows the bank’s 2023 controversies surrounding currency redesign and counterfeit notes. Then-Acting Director for Corporate Communications Hakama Ali had previously warned: “Falsifying or counterfeiting any CBN-issued note or coin is a criminal offense punishable by at least five years imprisonment.”
The CBN reaffirmed its commitment to transparent communication, urging Nigerians to verify information through official channels only. The bank continues collaborating with security agencies to maintain currency integrity amid recurring counterfeit cases in markets nationwide.
