CBN Denies “Fake” N5,000 and N10,000 Banknotes Amid Public Confusion

The Central Bank of Nigeria (CBN) has strongly denied viral reports claiming it has introduced new N5,000 and N10,000 banknotes, labeling the information as fake news. The alleged announcement, which has been widely circulated on social media, particularly WhatsApp, claims the move was intended to “reduce cash-handling costs” and make large transactions easier.

However, in a firm rebuttal posted on its official Instagram page, the CBN dismissed the report, warning Nigerians against spreading false information.

CBN’s Official Response: A Hoax Exposed?

“The content is not from the Central Bank of Nigeria,” the CBN stated emphatically, adding that no such currency denominations exist and directing the public to its official website for accurate information.

The viral post had cited a nonexistent CBN Deputy Governor, Ibrahim Tahir Jr.,claiming he made the announcement in Abuja. It even included a fabricated launch date of May 1, 2025,for the new banknotes.

Public Outrage and Speculation

Despite the CBN’s denial, the fake report has sparked widespread speculation and debate. Many Nigerians suspect the rumor could be a trial balloon for an actual policy shift

Critics argue that given Nigeria’s ongoing cash crunch and inflation crisis, the introduction of higher denominations would not be surprising even if it hasn’t been officially confirmed yet. Some Nigerians, already skeptical of the CBN’s policies after last year’s botched currency redesign, wonder if this is another attempt to test the waters before making an official announcement.

Who’s Behind the Fake News?

The CBN has vowed to investigate the source of the false report, warning that spreading misinformation about national currency could have serious consequences.

But the bigger question remains: Is this truly fake news, or is it an early glimpse into an unpopular policy yet to be announced? With Nigeria’s economic landscape in turmoil, the mere suggestion of new, high-value banknotes has reignited fears of inflation, currency devaluation, and further economic instability.