CBN speaks on viral N5,000, N10,000 notes

Central Bank of Nigeria (CBN) has denied a circular claiming that the financial regulator has introduced N5,000 and N10,000 notes.

The circular, purportedly from the CBN, has been widely shared on WhatsApp.

According to the fake circular, the new notes are to be circulated from May 1.

In a post on X on Wednesday, the CBN clarified that the circular did not originate from the bank.

“The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 bankrotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management,” the circular reads.

“According to the Deputy CBN Governor, Dr. Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”

The apex bank urged the public to refer only to the official CBN website (cbn.gov.ng) for authentic information.

“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the financial regulator said.

In 2023, there were controversies over the redesigning of the N200, N500 and N1,000 notes.

On February 6, 2023, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) said CBN should have introduced a N5,000 note rather than embarking on a currency redesign.

Sola Obadimu, former director-general of NACCIMA, said there would have been less pressure on Nigerians if the naira redesign policy was implemented differently.

Obadimu had said the creation of N5,000 note would have mopped up the money in circulation without creating discomfort.

He said the CBN would have also spent less money on printing new notes.

On November 29, 2023, the supreme court ruled that the new notes — N200, N500 and N1,000 — were to coexist with the old notes as legal tender.

On December 13, 2024, CBN reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline.