The Central Bank of Nigeria (CBN) has disowned a circular claiming it has introduced two new naira denominations, N5,000 and N10,000 notes, to begin circulation with effect from May 1.
The CBN disowned the circular through a statement on its official X handle.
The circular informing the public about the purported new denominations was widely shared on social media channels, read: “The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management.”
The document further alleged that one Deputy CBN Governor, Dr. Ibrahim Tahir Jr., justified the move as a way to reduce cash-handling costs while offering Nigerians more efficient options for larger transactions.
However, the CBN refuted the claims and urged the public to verify information through its official website.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the CBN stated.
