CBN reacts to viral N5,000 note featuring President Tinubu’s image

CBN reacts to viral N5,000 note featuring Tinubu’s image

The Central Bank of Nigeria has dismissed as false a viral image circulating on social media claiming to show a newly introduced N5,000 banknote bearing 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.

The claim quickly sparked a wave of reactions among social media users.

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.

Further checks using an artificial intelligence detection tool, Hive Moderation, reportedly indicated that the viral image contained more than 90 per cent AI-generated material.

The analysis suggests the image was likely created using artificial intelligence tools available on the social media platform X.

Artificial intelligence relies on complex computer algorithms to perform tasks traditionally carried out by humans, including generating images, answering questions, and writing code.

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.

Over the years, economists and financial analysts have periodically renewed calls for the introduction of a higher denomination note to reflect inflationary pressures and ease large cash transactions.

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.