The Digest:
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 President Bola Tinubu's portrait. The bank posted on its official X handle: "This content is fake. Let the public be guided." The circulation of the fake note has revived discussions about the possible introduction of higher currency denominations, a proposal the CBN abandoned in 2022 following public criticism.
Key Points:
- The CBN retains exclusive authority to print currency notes under the CBN Act 2007.
- A similar N5,000 note proposal was introduced in 2012 but abandoned in 2022.
- Public criticism previously halted the introduction of higher denominations.
- The viral fake note has caused confusion and misinformation online.
- The CBN urged the public to disregard the false image.
