CBN debunks viral N5,000 note featuring Tinubu as fake

The Central Bank of Nigeria has dismissed a widely circulated image of a proposed N5,000 banknote as false, warning Nigerians against spreading or believing unverified currency-related information.

In a brief statement shared on its official platforms, the apex bank described the viral image, which features President Bola Tinubu, as fake, urging the public to disregard it entirely.

“This content is fake. Let the public be guided,” the bank said.

The clarification follows days of speculation on social media, where the image had been shared extensively, triggering debates about whether the federal government planned to introduce a higher denomination naira note.

The latest incident underscores a growing pattern of misinformation surrounding Nigeria’s monetary policy, particularly in the wake of recent currency reforms and economic adjustments.

Images and claims about new naira denominations often gain traction quickly online, especially when they appear to align with prevailing economic concerns such as inflation and cash shortages.

However, the central bank has consistently maintained that any official change to the country’s currency structure would be formally communicated through verified channels.

CBN reiterates reliance on official communication

In reiterating its position, the Central Bank of Nigeria advised Nigerians to depend solely on its official announcements for accurate information regarding currency redesigns or policy changes.

The bank warned that relying on unverified sources could mislead the public and create unnecessary panic or confusion within the financial system.

This is not the first time such claims have surfaced. In April 2025, the CBN similarly disowned a widely circulated circular that falsely claimed the introduction of N5,000 and N10,000 notes scheduled for release the following month.

Debate over higher denominations resurfaces

Despite the denial, discussions around the potential introduction of higher denomination notes have persisted in policy and business circles.

Back in 2023, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture suggested that introducing a N5,000 note could have been a more effective way to reduce the volume of cash in circulation, rather than implementing a currency redesign.

Sola Obadimu, former director-general of the association, argued at the time that such a move might have eased the logistical challenges and public discomfort that accompanied the redesign policy.

While the viral image has now been debunked, its rapid spread reflects a broader issue of public trust and information gaps around economic policy.

In an environment where financial decisions directly affect daily life, unverified claims, especially those tied to currency, can quickly gain credibility and traction.

For the CBN, the challenge remains not just managing monetary policy but also staying ahead of misinformation, ensuring that accurate and timely communication reaches the public before false narratives take hold.

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