CBN Debunks the Rumors of N2000 and N5000 Naira Banknotes Making Rounds Online.

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Last updated on June 4th, 2020 at 05:09 pm

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CBN debunks the rumors making rounds online on the existence of N2000 and N5000 Naira Banknotes.

Central Bank of Nigeria (CBN) has debunked the rumours concerning the circulation of N2,000:00 and N5,000:00 banknotes in Nigeria.

The apex bank in Nigeria took to its twitter handle to caution the public to distant itself from fake banknotes in N2,000 and N5,000 denominations. 

“Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake. Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies.”

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The public is advised to stay clear from such fake banknotes and avoid using them.

Digital Naira Solution — CBDC

This calls for the creation of a central bank digital currency (CBDC) in Nigeria. 

CBN can utilize blockchain technology to create a digital naira in other to control the issuance of the Naira and resolve the issuance of fake banknotes.

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Tony Chimdiuto

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