The Central Bank of Nigeria (CBN) rejected a circular claiming that two new denominations, n5,000 and N10,000 were introduced. The bank described the circular as “false” in its statement through its official handle to X (formerly Twitter).
The erroneous circle is widely distributed on WhatsApp, claiming that the new notes will be introduced on May 1. It said: “The Central Bank of Nigeria (CBN) formally announced the introduction of two new denominations – N5,000 and N10,000 Banknotes; as part of ongoing efforts to simplify cash transactions and improve liquidity management.” The document also incorrectly attributed the statement to Deputy CBN Governor Dr. Ibrahim Tahir, who is believed to have proved that the move is a means to reduce cash processing costs and provide a more effective option for larger transactions.
CBN dismissed the claim, urging the public to verify any information through its official website, noting that “the content is not from the Central Bank of Nigeria. Please note that CBN’s official website is CBN.gov.ng.” The bank highlighted its commitment to transparency and accurate communication.
In 2023, CBN was involved in the controversy over the redesign of the N200, N500 and N1,000 notes, which raised concerns about the circulation of counterfeit banknotes, especially in the higher denominations. These forged notes are reportedly used in markets and commercial centers in major Nigerian cities.
At the time, Hakama Ali’s acting director of corporate communications at CBN warned that forging any notes or coins issued by CBN was a criminal offence for at least five years in prison. She assured the public that CBN is actively working with security and financial institutions to combat counterfeit operations and maintain the integrity of Nigeria’s monetary system.
