The Central Bank of Nigeria (CBN) has rejected a viral social media image purporting to depict a new N5,000 banknote with President Bola Tinubu’s portrait as fabricated. Widely circulated online, the image implied that the apex bank had unveiled an initial version of a N5,000 note bearing the president’s image.
In a statement on its official X account, the CBN debunked the claim and cautioned the public against the false information. “This content is fake. Let the public be guided,” the bank declared.
The spread of this phony note image has reignited debates over the potential launch of higher-denomination currency in Nigeria. Back in 2012, the CBN proposed introducing a N5,000 note, but the idea was dropped in 2022 amid public backlash.
Nevertheless, Sections 18(a) and 18(b) of the CBN Act 2007 grant the bank sole power to oversee the printing of notes, minting of coins, and their issuance, re-issuance, or exchange via its branches or authorized entities.
