The Central Bank of Nigeria (CBN) has dismissed reports suggesting it is introducing new ₦5,000 and ₦10,000 banknotes. The apex bank described the circulating document making such claims as fake and urged the public to disregard it.
CBN’s Official Statement
In response to the widely shared circular, the CBN released an official statement clarifying that it has no plans to introduce higher denominations of the naira. The bank emphasized that any such policy changes would be formally announced through official channels, including its website and verified social media platforms.
“The Central Bank of Nigeria wishes to categorically state that the purported circular circulating on social media regarding the introduction of ₦5,000 and ₦10,000 banknotes is false. The public should disregard such misinformation and avoid spreading unverified reports,” the statement read.
Concerns Over Misinformation
The spread of fake financial news has been a recurring issue in Nigeria, often leading to confusion and panic among citizens. Given the recent economic challenges, including inflation and currency redesign policies, rumors about new banknotes could have significant implications.
Financial analysts suggest that such misinformation might be aimed at creating uncertainty or influencing public perception about the country’s monetary policies. The CBN, however, reassured Nigerians that it remains committed to transparency and financial stability.
Possible Economic Implications
The introduction of higher-value banknotes typically raises concerns about inflation and cash hoarding. While some countries introduce larger denominations to ease transactions, others avoid them to discourage excessive cash handling and encourage digital payments.
If such notes were to be introduced in the future, it could signal potential inflationary pressures or a shift in monetary policy. However, for now, the CBN has made it clear that no such plans are in place.
Public Caution and Advice
The CBN has urged Nigerians to verify financial news from its official sources before accepting or sharing information. The bank also called on the media and stakeholders to help combat misinformation that could negatively affect the economy.
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