Central Bank of Nigeria Debunks Rumours of New Naira Notes

The Central Bank of Nigeria (CBN) has categorically dismissed circulating rumours suggesting the introduction of new N5,000 and N10,000 naira banknotes, urging the public to disregard what it described as “misleading information.” The clarification comes amid growing speculation on social media platforms, which had sparked concerns about potential economic implications and currency management in the country.

In a statement released earlier today, the CBN emphasized that no such denominations have been issued or are in the works. “The Central Bank of Nigeria wishes to clarify that claims of new N5,000 and N10,000 banknotes are false,” the statement read. “We advise Nigerians to ignore these rumours, as they are baseless and intended to cause unnecessary confusion.”

The rumours, which gained traction online in recent days, suggested that the apex bank was planning to roll out higher denominations to address inflation and cash circulation challenges. However, the CBN reiterated its commitment to maintaining stability in the nation’s monetary system and assured the public that any future changes to the currency would be formally announced through official channels.

Financial analysts have noted that the introduction of higher denominations could have significant effects on Nigeria’s economy, potentially fueling inflation if not carefully managed. However, with the CBN’s swift rebuttal, such concerns appear premature. “The bank has been consistent in its efforts to manage currency circulation effectively, and this dismissal aligns with that approach,” said Dr. Amina Yusuf, an economist based in Lagos.

The CBN’s statement also comes against the backdrop of its ongoing efforts to promote digital transactions and reduce reliance on physical cash. In recent years, the bank has encouraged the adoption of electronic payment channels, a move it says helps ease pressure on the naira and enhances financial inclusion.

Public reactions to the rumours have been mixed, with some Nigerians expressing relief at the CBN’s clarification. “I was worried about what new notes would mean for prices in the market,” said Chinedu Okeke, a trader in Abuja. “It’s good to know it’s not true.” Others, however, remain skeptical, calling for greater transparency from the apex bank on its currency policies.

This is not the first time the CBN has had to address misinformation regarding the naira. In late 2024, the bank similarly debunked claims that old N200, N500, and N1,000 notes would cease to be legal tender by December 31, citing a Supreme Court ruling from November 29, 2023, that affirmed their indefinite validity alongside redesigned versions.

As of now, the CBN has urged citizens to rely on verified sources for information and to report any suspicious claims to the authorities. With today’s announcement, the bank hopes to put an end to the speculation and refocus attention on its broader economic stabilization goals.

For now, Nigerians can rest assured that the familiar naira denominations remain unchanged, and the CBN continues to stand firm against rumours threatening to disrupt the financial landscape.