The Central Bank of Nigeria (CBN) has clarified that a widely circulated image suggesting the introduction of a N5,000 banknote is not genuine.
The image, which has gained traction across social media platforms, features the portrait of President Bola Tinubu, and has generated discussions about possible changes to Nigeria’s currency structure.
In response, the apex bank issued a brief statement rejecting the claim and advising the public to ignore the material.
“This content is fake. Let the public be guided,” the CBN stated.
The clarification follows a pattern of misleading information related to monetary policy and currency design in Nigeria.
Over time, similar claims have appeared online, often presenting unofficial announcements as confirmed policy decisions.
The Nigeria’s apex bank has consistently urged citizens to verify information through its official channels before accepting or sharing such content.
The bank emphasised that any legitimate update regarding currency introduction or redesign would be communicated formally through authorised platforms.
The recurrence of such misinformation has raised concerns about how financial information is shared and consumed in the digital space.
Observers note that currency-related claims tend to attract public attention due to their potential impact on everyday transactions.
The recent viral image created speculation that a higher denomination note could be introduced to address inflationary pressures and ease cash handling.
However, the apex bank has not announced any plan to introduce a N5,000 note.
A similar situation occurred on April 2, 2025, when the bank discredited a purported circular claiming the introduction of N5,000 and N10,000 notes.
The document, which circulated widely on messaging platforms, alleged that the new denominations would enter circulation from May 1, 2025.
The bank later confirmed that the circular did not originate from its offices and should be disregarded.
Such incidents highlight the challenges faced by financial regulators in managing public perception in the age of rapid information sharing.
Financial authorities have continued to stress the importance of relying on verified sources to avoid confusion.
Discussions around higher denomination notes are not entirely new within Nigeria’s economic space.
On February 6, 2023, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture suggested that the introduction of a N5,000 note could have been considered.
The former director-general of the association, Sola Obadimu, had indicated that such a move might have reduced the volume of cash in circulation.
He explained that it could have achieved similar objectives without the disruptions experienced during the currency redesign exercise.
Despite these suggestions, the Central Bank of Nigeria has maintained that policy decisions are guided by broader economic considerations.
The bank has also reiterated that any change to currency denominations would follow due process and official communication.
Experts note that misinformation about financial policies can influence public behaviour, particularly in areas such as banking and cash usage.
False reports about new currency notes may lead to unnecessary panic or speculative actions among citizens.
This underscores the need for accurate and timely communication from both authorities and media platforms.
The central bank’s response to the viral image is part of ongoing efforts to counter misleading information.
By promptly addressing such claims, the institution aims to maintain clarity and public confidence in the financial system.
The situation also reflects the broader issue of digital misinformation, where unverified content can spread quickly across different platforms.
Users are often encouraged to verify sources before sharing financial-related information.
The Central Bank of Nigeria has reiterated that its official website and verified social media handles remain the primary sources for authentic updates.
For now, there is no confirmed introduction of a N5,000 banknote in Nigeria’s currency system.
The apex bank continues to advise the public to treat unofficial claims with caution and rely on credible information channels.
