In an effort to facilitate cash transactions, the Central Bank of Nigeria (CBN) has strongly refuted online reports that it introduced ₦5,000 and ₦10,000 banknotes.
Nigerians should disregard the report, the top bank said in a statement on Wednesday that was shared on its official social media account, calling it “fake.”
“The Central Bank of Nigeria did not create the content,” the CBN said. Please take note that the CBN’s official website is cbn.gov.ng.
The communications department of the CBN further explained in a subsequent statement that the only official website and departmental announcements are acceptable sources for media communications.
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Additionally, the statement denied the existence of a “Deputy Governor” by the name of Ibrahim Tahir Jr., stating that the CBN does not have a Deputy Governor by that name. The origin of this fraudulent content is being looked into.
According to the phony story, which went viral on social media, the new banknotes were supposed to lower the cost of processing currency and make transactions more efficient.
It also misquoted the “Deputy Governor” as stating, “The introduction of these new high-value denominations will enhance economic activities while reducing the stress associated with carrying large amounts of cash and aligns with global best practices.”
Also, the fake news said that Obafemi Awolowo’s likeness will appear on the new ₦5,000 note and Nnamdi Azikiwe’s on the ₦10,000 note, both of which were intended to honor their contributions to Nigeria’s progress.
The notes would also have improved security features including holograms, color-changing ink, and anti-counterfeiting technology, it added.
According to the fabricated report, commercial banks will be directed to distribute the new currency notes through ATMs and over-the-counter transactions when the distribution of the notes begins on May 1, 2025.
