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.”
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.
