Online allegations that the Central Bank of Nigeria (CBN) introduced ₦5,000 and ₦10,000 banknotes to facilitate cash transactions have been strongly refuted.
The top bank called the claim “fake” and advised Nigerians to disregard it in a statement that was shared on its official social media account on Wednesday.
“The content is not from the Central Bank of Nigeria,” the CBN declared. Please take note that cbn.gov.ng is the CBN’s official website.
The CBN’s communications department went on to clarify in a subsequent statement that the only acceptable sources for media communications are the department’s remarks and the official website.
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“There is no Deputy Governor by such name at the CBN,” the statement added, dismissing the reference to a “Deputy Governor” by the name of Ibrahim Tahir Jr. We are looking into where this fraudulent content came from.
The fictitious report, which went viral on social media, asserted that the new banknotes were being introduced to make transactions more efficient and to lower the cost of processing currency.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the “Deputy Governor” was similarly misquoted as saying.
The fake news also claimed that Nnamdi Azikiwe and Obafemi Awolowo’s portraits would be included on the ₦10,000 and ₦5,000 notes, respectively, as a tribute to their contributions to Nigeria’s progress.
Additionally, it stated that the notes would include improved security features like holograms, color-changing ink, and anti-counterfeiting technology.
Additionally, the fabricated article stated that commercial banks will be directed to distribute the new currency notes through ATMs and over-the-counter transactions, with the deployment scheduled to begin on May 1, 2025.
