TheCable Fact Check
  • Home
  • Fact Check
  • Fake News
  • Check Am For Wazobia
Reading: FAKE NEWS ALERT: CBN denies introducing N5,000, N10,000 notes
Share
Latest News
HOAX ALERT: Cross River disowns viral Cally Air ‘boobs safety’ assurance advert
Seven ways to detect an AI-generated video
BLIND SPOT: Nigeria’s shortcomings in the age of AI scams
The rise of deepfakes and the fight for digital truth
DISINFO ALERT: Health ministry debunks AI video claiming free nationwide diabetes treatment
Video wey show as ‘security operatives’ dey break into apartment no be from south-east
Íhé ńgósị́ ébé ńdị́ ǹché nà-ákpáká ụ́lọ̀ ésiteghị nà south-east
Ìṣẹ̀lẹ tí àwọn ‘òṣìṣẹ́ elétò ààbò’ fẹ́ fipá wọ ibùgbé kan kò ṣẹlẹ̀ ní gúúsù ilà oòrùn Nàìjíríà
Advertisement
Aa
TheCable Fact CheckTheCable Fact Check
Search
  • Home
  • Fact Check
  • Fake News
  • Check Am For Wazobia
Follow US

FAKE NEWS ALERT: CBN denies introducing N5,000, N10,000 notes

Busola Aro
By Busola Aro Published April 2, 2025 3 Min Read
Share

The Central Bank of Nigeria (CBN) has disowned 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 Tuesday, the CBN clarified that the circular did not originate from the bank.

The apex bank also said the claim was fake.

“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.

TAGGED: cbn, new notes

Please send your feedback, claims to fact check and corrections requests to [email protected]

Busola Aro April 2, 2025 April 2, 2025
Share this Article
Facebook Twitter Email Copy Link Print

POPULAR POSTS

Advertisement

HOAX ALERT: Cross River disowns viral Cally Air ‘boobs safety’ assurance advert

The Cross River state government has disowned a viral image of a purported Cally Air…

August 15, 2025

Seven ways to detect an AI-generated video

A video announcing the launch of a free nationwide diabetes treatment recently went viral across Nigerian…

August 13, 2025

BLIND SPOT: Nigeria’s shortcomings in the age of AI scams

It sounded exactly like her, but it was not. Adeola Fayehun was thousands of miles…

August 12, 2025

The rise of deepfakes and the fight for digital truth

BY PRUDENCE OKEOGHENE EMUDIANUGHE On May 30, 2025, a 49-minute video surfaced on a YouTube…

August 12, 2025
Advertisement
Advertisement

YOU MAY ALSO LIKE

HOAX ALERT: Cross River disowns viral Cally Air ‘boobs safety’ assurance advert

The Cross River state government has disowned a viral image of a purported Cally Air advert about in-flight comfort and…

Fact Check
August 15, 2025

Seven ways to detect an AI-generated video

A video announcing the launch of a free nationwide diabetes treatment recently went viral across Nigerian social media platforms. The clip…

Exclusives & FeaturesFact Check
August 13, 2025

BLIND SPOT: Nigeria’s shortcomings in the age of AI scams

It sounded exactly like her, but it was not. Adeola Fayehun was thousands of miles away in the United States…

Exclusives & FeaturesFact CheckTop Stories
August 12, 2025

The rise of deepfakes and the fight for digital truth

BY PRUDENCE OKEOGHENE EMUDIANUGHE On May 30, 2025, a 49-minute video surfaced on a YouTube channel named Bold Pan-African, seemingly…

Exclusives & FeaturesFact CheckTop Stories
August 12, 2025

CableCheck seeks to provide reliable tools and resources for readers to tackle the menace of fake and misleading materials constantly pushed into the public space from various sources. We monitor the accuracy of claims made in traditional and social media. We also provide a tracker to hold politicians and policymakers accountable for the plans and promises they make to the public. CableCheck is a project of the Cable Newspaper Journalism Foundation (CNJF), supported by the MacArthur Foundation and implemented by TheCable newspaper.

Follow US: 

LINKS

  • Contact
  • About Us
  • Non-Partisanship Policy
  • Funding
  • Correction Policy
© Copyright TheCable. All Rights reserved.
Welcome Back!

Sign in to your account

Lost your password?