Abuja, Nigeria – The Central Bank of Nigeria (CBN) has moved swiftly to quash rumors circulating about the imminent introduction of new 5,000 and 10,000 Naira banknotes. In a statement released Wednesday, the CBN declared the reports “fake” and urged the Nigerian public to disregard the misinformation.
The fabricated reports, which gained traction on social media platforms like WhatsApp, falsely attributed quotes to a nonexistent “Deputy CBN Governor, Ibrahim Tahir Jr.,” claiming the new denominations were designed to ease cash handling and facilitate larger transactions. The reports even went so far as to suggest the notes would feature portraits of prominent Nigerian leaders and be released on May 1, 2025.
However, the CBN has firmly denied these claims, emphasizing that the central bank has no such deputy governor. The bank has launched an investigation to uncover the source of the false information, underscoring its commitment to protecting the integrity of the national currency.
This incident highlights the growing challenge of misinformation in Nigeria, particularly regarding financial matters. The CBN is urging citizens to rely solely on its official website (cbn.gov.ng) and official statements for accurate information about monetary policy and currency updates. The spread of such rumors can have a destabilizing effect on the economy, making it crucial for the public to exercise caution and verify information from trusted sources. This situation also underscores the need for increased media literacy and critical thinking skills among the Nigerian populace.
