CBN dismisses Viral N5,000 Note Featuring Tinubu’s Image As Fake

The Central Bank of Nigeria (CBN) has dismissed as fake a viral image circulating on social media claiming to show a newly introduced N5,000 banknote featuring the portrait of Bola Tinubu.

The image, widely shared online, suggested that the apex bank had released the first sample of a N5,000 note featuring the president.

However, the CBN debunked the report in a post on its official X handle, warning the public against the misinformation.

“This content is fake. Let the public be guided,” the bank stated.

The circulation of the fake note has also revived discussions about the possible introduction of higher currency denominations in Nigeria.

In 2012, the Central Bank had announced plans to introduce a N5,000 note, but the proposal was eventually abandoned in 2022 following public criticism.

However, under Section 18(a) and 18(b) of the CBN Act 2007, the apex bank retains exclusive authority to arrange the printing of currency notes and minting of coins, as well as to issue, re-issue, and exchange them through its offices or designated agencies.