The Central Bank of Nigeria (CBN) has debunked reports that it is introducing ₦5,000 and ₦10,000 banknotes, describing the viral report as fake news.
A widely circulated message, purportedly from the CBN, claimed that the apex bank had announced the introduction of the high-value denominations “as part of ongoing efforts to streamline cash transactions and improve liquidity management.”
The fake statement also quoted a supposed Deputy CBN Governor, Dr. Ibrahim Tahir Jr., as saying the move was aimed at “reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”
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However, in an official response, the CBN denied the claim, stating that no such policy exists.
“This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng, ” the apex bank clarified.
It further emphasized that any major changes to the country’s currency structure or banknotes would be communicated through its official channels, including its website and verified social media accounts.
