Circular introducing new N5,000 and N10,000 notes is fake — CBN

The Central Bank of Nigeria (CBN) has disowned a circular claiming the introduction of two new denominations—N5,000 and N10,000 notes. The bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter).

The false circular, which circulated widely on WhatsApp, purported that the new notes would be introduced on May 1. It 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 also falsely attributed the statement to Dr. Ibrahim Tahir Jr., a Deputy CBN Governor, who was claimed to have justified the move as a means to reduce cash-handling costs and provide more efficient options for larger transactions.

Refuting the claims, the CBN urged the public to verify any information through its official website, stating, “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.” The bank emphasized its commitment to transparency and accurate communication.

In 2023, the CBN was involved in controversies surrounding the redesign of the N200, N500, and N1,000 notes, which led to concerns about the circulation of counterfeit banknotes, particularly in higher denominations. These counterfeit notes were reportedly used in markets and commercial centers in major Nigerian cities.

At that time, the Acting Director for Corporate Communications at the CBN, Hakama Ali, warned that counterfeiting any CBN-issued note or coin is a criminal offense punishable by at least five years in prison. She reassured the public that the CBN was actively collaborating with security and financial agencies to combat counterfeit operations and safeguard the integrity of Nigeria’s currency system.