Circular Introducing New ₦5,000, ₦10,000 Notes Is Fake — CBN

Circular Introducing New ₦5,000, ₦10,000 Notes Is Fake — CBN

The Central Bank of Nigeria (CBN) has disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes.

The apex bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter).

The alleged circular said the new notes were set for circulation from May 1.

The viral circular widely shared on WhatsApp, falsely attributed to the CBN, 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 document further alleged that one Deputy CBN Governor, Dr. Ibrahim Tahir Jr., justified the move as a way to reduce cash-handling costs while offering Nigerians more efficient options for larger transactions.

However, the apex bank refuted the claims, urging 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 CBN stated, emphasising its commitment to transparency and accurate communication.

In 2023, the bank dealt with controversies surrounding the redesign of the N200, N500, and N1,000 notes.

Later that year, the CBN raised concerns about the circulation of counterfeit banknotes, particularly higher denominations.

These fake naira notes were reportedly used in food markets and commercial centers in major cities across Nigeria.

At the time, Acting Director for Corporate Communications at the CBN, Hakama Ali warned that falsifying or counterfeiting any CBN-issued note or coin is a criminal offense punishable by at least five years imprisonment.

She reassured the public that the CBN remains in active collaboration with security and financial agencies to combat counterfeit operations and ensure the integrity of Nigeria’s currency system.