April 10, (THEWILL) — The Central Bank of Nigeria (CBN) has debunked viral claims suggesting the introduction of a ₦5,000 banknote featuring the portrait of President Bola Tinubu, describing the widely circulated image as fake and misleading, while assuring Nigerians that no such currency has been issued or approved.
In a clear and reassuring statement aimed at restoring public confidence, the apex bank disclosed that the image making rounds on social media is entirely fabricated and does not represent any existing or planned naira design.
The apex bank emphasised that the misinformation has no official backing and should be disregarded in its entirety.
Reacting on Friday through its official X handle, CBN stated: “This content is fake. Let the public be guided.”
The false report, which suggested that a new N5,000 note had been introduced, rapidly gained traction online, sparking confusion and renewed public debate about the possibility of higher-denomination currency in Nigeria. However, the CBN has clarified that no such decision has been made or implemented.
The apex bank further reiterated that it retains exclusive authority over the issuance and design of Nigeria’s legal tender under Sections 18(a) and 18(b) of the CBN Act, 2007. These provisions empower the institution to issue, redesign, print, and regulate currency in circulation strictly in line with national economic considerations and due process.
CBN urges Nigerians to rely strictly on verified communication channels for updates on monetary policy and currency matters. It warned that the spread of unverified content could undermine public trust and create unnecessary panic in the financial system.
The bank also encouraged media practitioners, digital content creators, and the general public to exercise caution and verify information before sharing, especially on sensitive matters relating to national currency and economic policy.
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