The Central Bank of Nigeria (CBN) has officially denied reports circulating on social media and some online platforms claiming that it is set to introduce new N5,000 and N10,000 banknotes. In a statement released on Thursday, the apex bank described the reports as false, misleading, and aimed at causing unnecessary panic among the public.
According to the CBN, no such plans exist within its current currency management strategy, and the public is urged to disregard any unofficial images or messages suggesting otherwise. The bank reiterated that any change to the national currency structure would be communicated through official channels and in line with established procedures.
This clarification comes amid heightened public speculation, with many Nigerians expressing concern over the potential economic implications of higher denomination notes, including inflation and currency devaluation. The CBN emphasized its commitment to price stability and sound monetary policy, noting that all efforts are currently focused on strengthening the naira and controlling inflation.
Analysts suggest the rumors may have stemmed from the recent currency redesign policy and ongoing economic challenges, which have made the public more sensitive to changes in monetary policy. The CBN has urged media outlets and individuals to verify information before spreading it, in order to maintain public confidence in the financial system.
