The Central Bank of Nigeria (CBN) has officially debunked viral claims and images circulating across social media platforms suggesting the introduction of ₦5,000 and ₦10,000 naira banknotes.
In a post shared via the CBN’s verified Facebook page earlier today, the apex bank categorically stated that the content in question did not originate from the institution, describing the images and accompanying text as “FAKE CONTENT.”
The misleading visuals depict fictional naira banknotes featuring iconic Nigerian leaders: Chief Obafemi Awolowo on the ₦5,000 note and Dr. Nnamdi Azikiwe on the ₦10,000 note. Both notes carry a fictional release date of 2025, along with a forged press release that falsely attributes the development to the CBN. The statement claims that the new denominations were introduced “to enhance cash transactions,” a narrative that has now been dismissed by the bank.
The Central Bank, while clarifying the misinformation, urged Nigerians and the general public to disregard the fake notes and any press material not issued through official communication channels. The post further reiterated that the official website of the CBN remains www.cbn.gov.ng, and any credible information about monetary policy, currency design, or banknote issuance will be published through this channel.
“This content is NOT from the Central Bank of Nigeria,” the statement read. “Kindly note that the official website of the CBN is www.cbn.gov.ng.”
The spread of the fake banknote designs comes amid ongoing conversations about inflation, currency valuation, and monetary policy in Nigeria. While the public continues to express concerns about rising costs and naira depreciation, the CBN cautions against falling for sensational or unverified information which could cause unnecessary panic or misrepresentation of its policies.
Financial experts have also weighed in on the matter, describing the forgery as part of a broader trend of digital misinformation targeting financial institutions and public trust.
“We’re in an era where a simple fake image can go viral within minutes, creating confusion and undermining financial stability,” said Adebayo Olumide, a Lagos-based economic analyst. “This makes it critical for the CBN and other key institutions to respond quickly, as they’ve done here.”
The CBN continues to advocate for financial literacy and digital discernment among citizens. The public is encouraged to cross-check all monetary news and updates directly with the bank’s official digital channels or through accredited media outlets.
For now, the bank maintains that there is no plan to introduce new denominations such as the ₦5,000 or ₦10,000 notes, and the fake visuals making rounds should be completely disregarded.
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