Are ₦5,000 and ₦10,000 Notes Coming to Nigeria?

There are rumors surfaced claiming that the Central Monetary institution of Nigeria (CBN) used to be assign to introduce new banknotes in denominations of ₦5,000 and ₦10,000. The rumors speedily spread all over social media and messaging platforms fancy WhatsApp, sparking popular speculation. 

Nonetheless, the CBN has impulsively responded, brushing off these reports as totally spurious. The circulating doc, which suggested that these new notes could presumably maybe well be launched on Can also 1, has been debunked by the apex monetary institution as a “groundless” look. 

In an announcement issued by its official X (formerly Twitter) handle, the CBN emphasized the importance of relying on verified sources for beautiful files. The monetary institution made it clear that the doc used to be no longer authored by them and urged Nigerians to refer to the official CBN online page at cbn.gov.ng for any updates or official dialog.

Clarifying the spurious claims

The viral message no longer handiest misrepresented the introduction of ₦5,000 and ₦10,000 notes nonetheless moreover falsely attributed the speculation to Dr. Ibrahim Tahir Jr., a Deputy Governor on the CBN. 

According to the misleading doc, the new denominations were purportedly designed to give a enhance to liquidity administration and lower the costs linked to money handling.

Whereas the speculation of introducing elevated denominations isn’t totally out of the realm of possibility, the CBN has made it clear that no such transfer is for the time being underway. The reports relating to the new banknotes are purely speculative, and Nigerians are suggested to omit them.

History of misinformation

This isn’t the principle time the CBN has had to handle circulating rumors relating to Nigeria’s forex. In 2023, the CBN found itself on the middle of public debate when it launched the redesigned ₦200, ₦500, and ₦1,000 notes.

The redesign used to be controversial, with some arguing that the new notes were launched too impulsively. Furthermore, rumors about spurious notes plagued the country, extra complex the overall public relating to the issue of Nigeria’s forex.

Agency stance in opposition to counterfeiting

As misinformation relating to the nation’s forex continues to spread, the CBN has moreover issued a stern reminder relating to the implications of counterfeiting. The Appearing Director for Corporate Communications, Hakama Ali, warned that someone caught counterfeiting naira notes could presumably maybe moreover face a minimal of 5 years in reformatory. 

The CBN has reassured Nigerians that it is working carefully with law enforcement to preserve the integrity of the nation’s forex and stop spurious notes from circulating within the financial system.