CBN Debunks Plans to Introduce 5,000, 10,000 Naira Notes

*Warns public to beware of fake news

The Central Bank of Nigeria (CBN) has for the second time alerted the public to the rise of fake content being circulated on the internet. In a release issued by the bank, it clarified that certain postings, particularly those claiming to be official CBN messages, were fake and should be disregarded.

This follows several instances of misleading content on social media platforms and websites, which have been copying the official tone and style of the CBN.

A case in point was a viral fake post in April 2021, which was claimed to be an official announcement by the CBN regarding a vital financial matter. The bank clarified that the post was absolutely fake and not issued by its authorized representatives. In line with this, the CBN directed Nigerians to exercise caution while encountering such content and always verify the authenticity of any communication prior to taking any action.

In another related turn of events, the bank had to contend with various fake social media pages and websites claiming to be its official pages. These were created by individuals with malicious intentions, who were attempting to deceive unsuspecting users into believing that they were receiving information from genuine CBN sources.

The news and advertisements on the fake pages ranged from fake announcements to deceptive investment schemes.

In a statement, the CBN restated the necessity to be vigilant against fake news and misinformation. The bank reminded the public that any information from the CBN would always be posted on its official channels, including its website and social media handles. It called on Nigerians to be careful when they receive unsolicited messages or posts that appear suspicious, particularly those relating to financial transactions or promises of immediate returns.

The official social media handles of the CBN, including its verified Facebook and Twitter pages, remain the sole official sources for all updates, announcements, and guidelines from the bank.

This warning is a continuation of the broader effort by the Nigerian government to stop the increasing trend of fake news and misinformation on social media. The spread of false information has been an escalating problem, and many have fallen victim to scams or made poorly informed decisions based on misleading content. The growing use of scam websites and social media handles impersonating legitimate institutions has made it far more difficult for users to tell fact from fiction.

In April 2023, the issue resurfaced with false content pretending to be ABS-CBN News content going viral. The false content falsely promoted a cure for diabetes that was supported by a supposed doctor, Dr. Tony Leachon. The scam websites perpetrating the scam, such as hlthshop.club and pilippro.shop, were made to look very similar to the official ABS-CBN News website design in order to dupe readers.

To protect yourself from being a victim of false content, the CBN recommends the following:
1. Verify the Source: Ensure that the information you receive is from a confirmed, official source.
2. Don’t Respond: Never click on a suspicious link or give personal information to unfamiliar sources.
3. Inform About Fake Content: If you encounter a fake CBN account or post, report it to the bank right away via its official channels.

The CBN’s swift response to fake news is a sign of its commitment to shielding Nigerians against fraud and misinformation. With online scams becoming increasingly sophisticated, members of the public are urged to remain cautious and to obtain their financial news only from reputable, verified sources.