ABUJA — The Central Bank of Nigeria (CBN) has moved aggressively to shut down viral reports claiming it is preparing to launch a N5,000 banknote featuring the image of President Bola Ahmed Tinubu.
In a statement released late Thursday, April 9, 2026, the apex bank described the reports and the accompanying mock-up images as “malicious fabrications” designed to destabilise the economy and cause panic in the foreign exchange market.
“Fabricated and Fraudulent”
The controversy erupted after a letter from a civil society group, iOccupyNigeria, began circulating online. The letter expressed “deep concern” over a supposed secret project to print the high-denomination note ahead of the next election cycle, even alleging that a foreign printing contract had already been awarded.
The CBN, however, was blunt in its dismissal. “The bank has no plans to introduce a N5,000 note, and the images currently being shared are fraudulent,” a senior official stated. Digital forensics experts have already flagged the “Tinubu Note” as an AI-generated image, noting inconsistencies in the design and security features that do not align with CBN standards.
Economic Jitters
The rumour gained rapid traction because it touched on the raw nerves of a public already battling record-high inflation. Critics had argued that introducing such a large note would be a “surrender” to inflation, signaling that the naira had lost so much value that N1,000 was no longer sufficient for daily transactions.
“Nigeria does not need a bigger note; it needs a stronger naira,” the iOccupyNigeria letter had declared, a sentiment that was widely shared before the CBN’s official debunking.
Politicising the Currency
The most explosive part of the rumour was the claim that President Tinubu’s face would adorn the note. Historically, the Nigerian naira features fallen heroes and past leaders, such as Nnamdi Azikiwe or Obafemi Awolowo. Placing a sitting president on a banknote would have been a historic—and highly controversial—departure from tradition, leading to accusations of using the national currency for political campaign purposes.
The Verdict
The CBN has urged Nigerians to ignore the “mischief-makers” and has reaffirmed that the existing N200, N500, and N1,000 notes remain the highest denominations and the only legal tender in their category. Security agencies are reportedly tracing the source of the AI-generated mock-ups to determine if the misinformation was a coordinated attempt to sabotage the currency.
