By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has debunked a widely circulated message on WhatsApp falsely claiming that it is introducing N5,000 and N10,000 banknotes as part of a cash transaction reform.
The misleading circular, purportedly from the apex bank, read: “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 a statement to an alleged Deputy CBN Governor, Dr. Ibrahim Tahir Jr., claiming the move aimed to reduce cash-handling costs and enhance transaction efficiency.
However, the CBN swiftly refuted the claims, urging the public to verify information through its official channels.
“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 stated.
The fake notice emerges amid lingering concerns about Nigeria’s currency management. In 2023, the CBN faced significant controversy over the redesign of the N200, N500, and N1,000 notes, which led to cash shortages nationwide.
Later that year, the apex bank raised alarm over the circulation of counterfeit naira notes, particularly higher denominations, which had reportedly infiltrated food markets and commercial hubs across the country.
At the time, Acting Director of Corporate Communications at the CBN, Hakama Ali, warned that counterfeiting currency is a criminal offense punishable by a minimum of five years imprisonment.
She reassured Nigerians that the CBN remains actively engaged with security and financial agencies to combat counterfeit operations and uphold the integrity of the nation’s monetary system.
