The Central Bank of Nigeria (CBN) has dismissed claims that it is introducing N5,000 and N10,000 banknotes, labeling a circulating document on the matter as “fake.”
In a statement shared on its official X (formerly Twitter) handle, the CBN refuted the widely circulated message, which falsely alleged that the new denominations would be in use from May 1.
The fake circular, spreading on WhatsApp, falsely attributed the move to a Deputy CBN Governor, Dr. Ibrahim Tahir Jr., who was quoted as saying the notes were intended to reduce cash-handling costs and improve transaction efficiency.
The apex bank urged Nigerians to rely on its official website, cbn.gov.ng, for accurate information and reaffirmed its commitment to transparency.
This comes amid past controversies surrounding the redesign of the N200, N500, and N1,000 notes, as well as concerns over counterfeit currency in circulation.
The CBN has previously warned that counterfeiting naira notes is a criminal offense punishable by at least five years in prison and assured the public of its ongoing efforts to protect Nigeria’s financial system.
News Edited by Araga Peace