The Central Bank of Nigeria (CBN) has dismissed as false a viral image of a purported N5,000 banknote circulating across social media platforms.
Gatekeepers News reports that the image, which bears the portrait of President Bola Tinubu, had fueled speculation about the possible introduction of a higher denomination currency note.
Reacting to the development, the apex bank categorically denied the authenticity of the content and urged Nigerians to ignore it.
“This content is fake. Let the public be guided,” the CBN said.
The clarification comes amid recurring waves of misinformation surrounding Nigeria’s currency management and monetary policy decisions.
The CBN reiterated its advice to the public to rely solely on its official communication channels for accurate updates on currency redesigns and policy changes.
This is not the first time such claims have surfaced. On April 2, 2025, the bank disowned a widely circulated circular alleging the introduction of N5,000 and N10,000 notes, which falsely claimed the denominations would enter circulation from May 1, 2025.
Debate over higher denomination notes has persisted in recent years. On February 6, 2023, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) suggested that introducing a N5,000 note could have been a better alternative to the controversial currency redesign policy.
Former NACCIMA Director-General, Sola Obadimu, argued at the time that such a move would have reduced cash in circulation “without creating the discomfort that trailed the currency redesign policy.”
