The Central Bank of Nigeria (CBN) has categorically disowned a circular claiming it has introduced two new denominations—N5,000 and N10,000 notes—set for circulation on May 1.
The alleged circular, which had been widely shared on WhatsApp, was clarified as false in a statement from the apex bank via its official handle on X (formerly Twitter).
The viral circular 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.”
Fake circular
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, emphasizing its commitment to transparency and accurate communication.
This is not the first time the CBN has faced challenges related to Nigeria’s currency management.
What you should know
In 2023, the bank dealt with controversies surrounding the redesign of the N200, N500, and N1,000 notes. These reforms aimed to modernize currency usage but sparked nationwide debates over accessibility and implementation.
- 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, Mrs. Hakama Sidi Ali, Acting Director for Corporate Communications at the CBN, 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.
More insights
The CBN’s swift action in disowning the fake circular highlights the critical role of verified information in maintaining public trust. By reiterating its reliance on official communication channels like its website, the apex bank hopes to curb the spread of misinformation and reassure Nigerians about its policies.
As Nigeria continues to navigate challenges with currency reform and management, the CBN’s proactive approach to addressing fake news is vital in safeguarding the country’s financial stability. The recent developments also show the broader challenges of combating misinformation in the digital age.
