The Central Bank of Nigeria (CBN) has dismissed viral claims circulating on social media alleging the introduction of a new N5,000 banknote.

The apex bank confirmed that the image being shared online is fake and does not represent any official currency design or policy decision.

The clarification comes amid rising concerns over misinformation linked to Nigeria’s financial system and currency management.

Viral Image Sparks Nationwide Reactions

The false claim began spreading across multiple social media platforms, where users shared an image allegedly showing a newly designed N5,000 note.

The image further suggested that the note featured President Bola Tinubu, triggering widespread debate and confusion among users.

Many Nigerians reacted with skepticism, questioning whether the CBN had quietly introduced a higher denomination to address cash scarcity and inflation pressures.

The claims quickly gained traction before being flagged by the apex bank.

CBN Issues Official Rebuttal

In a statement posted on its official X (formerly Twitter) account, the CBN categorically denied the authenticity of the viral image.

The bank stated: “This content is fake. Let the public be guided.”

With that brief but firm response, the institution reaffirmed that no new currency note has been issued or approved.

The clarification aligns with the regulatory mandate of the CBN as the sole authority responsible for issuing legal tender in Nigeria.

Growing Challenge of Financial Misinformation

The incident highlights a broader challenge facing the Nigerian financial ecosystem, where digital misinformation spreads rapidly across social platforms.

False claims about currency redesigns, redenominations, or new denominations often generate public anxiety, particularly in an economy sensitive to cash availability and inflation trends.

In recent years, similar rumours have surfaced, including claims about proposed N5,000 and N10,000 banknotes. These were also previously debunked by the CBN.

Such misinformation often circulates without verification, leading to unnecessary panic and speculation among citizens and market participants.

CBN’s History of Currency Rumour Control

The current clarification is not the first time the CBN has had to address fake currency-related claims.

In previous instances, the bank has consistently warned the public against believing unofficial reports regarding changes to Nigeria’s legal tender.

The institution maintains that any policy decision involving currency redesign, introduction, or redenomination is formally communicated through verified channels.

These include official press releases, regulated media outlets, and announcements from the bank’s communication platforms.

Why Fake Currency Claims Gain Traction

Financial experts argue that false currency reports often spread quickly due to economic uncertainty and low public trust in unofficial online content.

In Nigeria’s case, persistent inflationary pressure and cash management reforms have made citizens more sensitive to perceived changes in currency policy.

Social media platforms further amplify such claims, allowing manipulated or AI-generated images to circulate widely before verification occurs.

This creates an environment where misinformation can influence public perception even without official confirmation.

Regulatory Reassurance to the Public

By debunking the viral claim, the CBN aims to reinforce confidence in Nigeria’s financial system and maintain stability in public expectations.

The bank has repeatedly assured citizens that the country’s currency framework remains unchanged and fully regulated.

It also continues to emphasize the importance of verifying financial information through official sources before sharing or acting on it.

The post CBN Debunks Fake N5,000 Banknote Claim, Warns Against Viral Currency Misinformation appeared first on Housing TV Africa.

The Nigerian Naira maintained a stable but cautious position against the United States dollar during Tuesday morning trading on February 17, 2026, as currency markets opened the week on a relatively calm note.

After a weekend of steady consolidation, the local currency continued to trade around the ₦1,350 range at the official window, reflecting the impact of liquidity management efforts by the Central Bank of Nigeria.

Official Market Trends

At the Nigerian Foreign Exchange Market (NFEM), the naira opened the session at about ₦1,351.18 per dollar. By mid-morning, the exchange rate recorded a slight adjustment, with the dollar trading at an average of ₦1,354.86.

The movement suggests a mild pullback from the early session level of ₦1,351, as market participants responded to early-week corporate demand.

Analysts say the naira has largely avoided the typical mid-month volatility, attributing the stability to the transparent price-matching system of the Electronic Foreign Exchange Matching System (EFEMS). With the Monetary Policy Rate (MPR) positioned to support domestic stability, the official exchange rate has remained below the ₦1,400 threshold for more than two weeks.

The post Naira Holds Steady Against Dollar in Early Tuesday Trading appeared first on Housing TV Africa.

After a challenging 2024 marked by steep price increases and significant currency depreciation, signs of recovery are emerging.

The naira, which lost approximately 41% of its value in 2024, has shown some improvement, appreciating by N125 to the dollar one month after the introduction of the Electronic Foreign Exchange Matching System (EFEMS). Analysts suggest this could signal the beginning of a recovery for the local currency. Inflation, which hit a three-decade high of 34.6% in November 2024, is also projected to ease due to higher interest rates and improved monetary policies.

Afrinvest Research projects the naira at a weighted fair value of N1,804.45 per dollar, with inflation slowing to 24.7% under a base-case scenario. However, they warn that volatility could persist as the Central Bank of Nigeria (CBN) may struggle to meet market demands sustainably.

Cardinalstone Research forecasts that inflation will average 30% in 2025, with year-end inflation settling at around 26.2%. The naira’s fair value is estimated at N1,720.88 per dollar, driven by increased foreign portfolio inflows, higher FX reserves, and the impact of EFEMS.

Veriv Africa predicts inflation will remain high, ranging between 31.81% and 37.16% depending on economic conditions. The naira is expected to stabilize at N1,790 per dollar in the parallel market, with continued inflationary pressures stemming from food insecurity, energy costs, and currency depreciation.

Renowned economist Bismarck Rewane anticipates inflation will decline to 25%-27% by the end of 2025, although prices could still peak at 35.4% in December. He suggests that monetary policy adjustments may slow borrowing costs as inflation eases.

Biodun Adedipe projects the naira will average N1,574.4 per dollar in 2025, with inflation moderating to 27% by year-end. He expects a slower pace of naira depreciation compared to 2024.

Despite persistent challenges such as food insecurity, climate change impacts, and logistics costs, analysts believe that targeted reforms and effective policies could provide a steadier economic path for Nigeria in 2025.

The post Experts Forecast Moderate Inflation and Stable Currency in 2025 appeared first on Housing TV Africa.

An industrial giant like China is highly strategic when it comes to macroeconomic decisions. China doesn’t follow trends or implement policies without assessing their long-term benefits. Its economic policies are carefully crafted to ensure that they align with national goals and strengthen its competitive edge in global markets.

 “While theory suggests that trade balance will improve after a devaluation, this improvement relies on a country’s capacity to produce and export efficiently.”

One such decision was China’s devaluation of the yuan in 2019, which sparked global debate and raised questions about currency devaluation as an economic tool for developing countries like Nigeria.

China: The “currency manipulator” debate

In August 2019, the U.S. Treasury labeled China a “currency manipulator” after the yuan’s value was weakened amidst escalating trade tensions. Donald Trump, U.S. President at the time accused Beijing of devaluing its currency to gain an “unfair competitive advantage” by making Chinese goods cheaper in international markets.

According to data from the World Bank, the Chinese yuan depreciated by 4% in 2019, and the U.S. Treasury claimed this move was a deliberate attempt to preempt the new tariffs imposed by the U.S. that were set to take effect in September of the same year.

Despite the devaluation and the tariffs, China’s overall export value grew by 2.62 percent on average between August and December 2019. However, its exports to the U.S. declined by an average of 2 percent during the same period. This illustrates how a country like China can leverage devaluation as part of a broader economic strategy to cushion the effects of external pressures.

Nigeria’s currency devaluation: A similar move with different results

In June 2023, Nigeria devalued the naira by 51 percent, following recommendations from international financial institutions and other finance experts. However, it appears that the nation is not taking advantage that comes with devaluation when one compares it to how other countries have benefitted immensely from it.

According to BusinessDay analysis, Nigeria’s export growth rate averaged 1.88 percent in the months (July 2023-June 2024) following the devaluation. When compared to the scale of the devaluation, this modest export growth suggests that devaluation, in isolation, may not significantly improve the nation’s exports.

While China’s devaluation was a strategic response to global trade dynamics, Nigeria’s currency devaluation aimed to attract foreign capital and enhance the country’s investment appeal. However, unlike China’s carefully managed approach, Nigeria’s economic environment lacked the structural reforms necessary to fully capitalise on such a move.

The J-Curve effect: Why evaluation Isn’t Enough

One of the key theories related to currency devaluation is the J-curve effect. This theory suggests that after a devaluation, a country’s trade balance may initially deteriorate before improving as exports become more competitive.

By extension, Nigeria’s exports grew by 2.71 percent on average between January and June 2024, a sign of a partial response to the J-curve effect. However, this growth is modest, with average exports totaling $4.9 billion in twelve months. In comparison, China achieved over $221 billion in just five months post-devaluation, while Turkey managed $21.9 billion in seven months after a similar move.

Nigeria’s limited response to the J-curve is largely due to structural weaknesses in its economy. While theory suggests that trade balance will improve after a devaluation, this improvement relies on a country’s capacity to produce and export efficiently. Nigeria’s infrastructure, industrial capacity and ease of doing business remain significant barriers to fully realizing the benefits of devaluation.

Currency devaluation should be a powerful tool for any government with solid economic and political foundations. However, in Nigeria’s case, this has not been the reality.

The Manufacturers Association of Nigeria (MAN) reported that 767 manufacturers shut down and 335 became distressed in 2023 due to exchange rate volatility, inflation, and other economic challenges.

A weaker currency further strains manufacturers and businesses already dealing with an unfriendly economic climate, limiting the advantages that a devalued currency could provide.

To date, Nigeria has yet to fully capitalize on the benefits of currency devaluation due to these entrenched economic issues.

The Vietnam example: Growth before investors

While Nigeria continues to seek foreign investors through currency devaluation, and global tours, a critical question remains: What is Nigeria offering? Investors are attracted to economies that demonstrate sustainable growth and opportunity.

Vietnam serves as a prime example. Despite being left behind by the U.S. after years of war which ended in 1975, experienced heavy currency depreciation that averaged over 330 percent between 1987 and 1991, yet, Vietnam transformed itself into a global manufacturing hub.

Its economic reforms and strategic growth have attracted major foreign investors, including tech giants like Samsung.

In September 2023, U.S. President Joe Biden made a high-profile visit to Vietnam, a significant moment that underlined the growing economic and geopolitical importance of the Southeast Asian nation. Biden’s visit wasn’t just a diplomatic gesture, it was a recognition of Vietnam’s economic prowess.

In 2022, Vietnam became the second-largest exporter of smartphones, with exports to the U.S. exceeding $108 billion. This economic growth, driven by manufacturing and technological exports, is what drew the attention of the United States.

The lesson for Nigeria is clear: Investors follow growth. For years, Nigeria has embarked on global tours and currency devaluation to attract foreign investment, but without significant improvements to its economic fundamentals such as infrastructure, security, and governance, foreign investors remain hesitant.

Vietnam’s economic success shows that sustained reforms and a favorable business environment are far more attractive to global investors than short-term policies like currency devaluation without industrial capacity to maximise its benefit.

The challenges of currency devaluation for Nigeria

Devaluation can only be effective when other economic fundamentals are in place. While it may temporarily boost exports by making goods cheaper for foreign buyers, devaluation often increases the cost of imports, which is a major issue for Nigeria, a country heavily reliant on imported goods and services.

For Nigeria to truly benefit from any currency devaluation, it must address several critical issues:

High cost of doing business: Without improved infrastructure, access to energy, and reduced bureaucratic hurdles, businesses will continue to struggle regardless of currency adjustments.

Inflation: Devaluation often fuels inflation, as the cost of imported goods rises. This places additional burdens on consumers and businesses alike.

Export diversification: Nigeria’s economy is overly dependent on oil exports, making it vulnerable to fluctuations in global oil prices. The country must diversify its export base to gain long-term benefits from any devaluation.

Moving beyond devaluation: The path forward

For currency devaluation to yield meaningful results, it must be part of a broader economic reform agenda. China’s devaluation strategy worked because it was implemented alongside strong industrial policies, infrastructure development, and a focus on long-term economic growth.

In contrast, Nigeria’s devaluation was primarily a response to short-term fiscal pressures and has so far failed to generate substantial export growth or economic recovery.

Vietnam’s success further demonstrates the importance of building a strong economic foundation before seeking external investment. Foreign investors are not attracted to economies that rely on devaluation to mask structural weaknesses. Instead, they seek markets with stable growth, diversified exports, and a favorable business climate.

Conclusion: Devaluation is not a cure-all

Nigeria’s decision to devalue the naira in 2023 has not brought the desired economic growth, and it underscores the need for a more comprehensive approach to economic management. Devaluation may provide short-term relief, but without addressing the underlying issues of infrastructure, manufacturing capacity, and governance, it cannot serve as a long-term solution.

Investors follow growth, not necessarily currency adjustments. For Nigeria to attract sustainable foreign investment and grow its export base, it must invest in economic reforms that create an enabling environment for businesses to thrive.

The experiences of China and Vietnam show that devaluation can work, but only when it is part of a larger strategy aimed at long-term economic development.

The post Learning from China and Vietnam: The limits of Nigeria’s currency devaluation appeared first on Housing TV Africa.

The arrest, a result of credible intelligence and a raid on a suspected cybercrime hideout in Garki II, FCT, signifies a crucial step forward in the ongoing efforts to combat cybercrime in the country.

Although other members of the criminal gang managed to escape, Zenabdin was successfully apprehended during the operation.

ACP Olumuyiwa Adejobi, the Force Public Relations Officer, revealed that compelling evidence was discovered during a subsequent search of the hideout. The evidence included $100,000.00 in one-hundred-dollar bills believed to be counterfeits, sophisticated counterfeit detection equipment, international passports, mobile phones, and a luxury vehicle.

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“The Nigeria Police Force National Cybercrime Center (NPF-NCCC), in line with its mandate to eradicate cybercrime in the country, has made a significant breakthrough with the apprehension of Muhammed Zenabdin “M” for criminal conspiracy and possession of suspected counterfeit currency totaling one hundred thousand United States Dollars ($100,000.00),” stated the force spokesperson.

READ ALSO: Police Arrest Two Suspects Linked to Murder of Former Jigawa Housing Authority MD

Adejobi confirmed that the suspect has provided confessional statements and valuable information to assist in the apprehension of other members of the gang. He added that upon the conclusion of the investigation, the suspect(s) will face arraignment in court.

Inspector General of Police, IGP Kayode Adeolu Egbetokun, commended the Director of the NCCC, CP Uche Ifeanyi Henry, and his team for their diligent efforts in combating cybercrime. He assured the public of their safety and issued a stern warning to all cybercrime threat actors, urging them to cease their illicit activities or face severe legal consequences.

The post Nigeria Police Force Apprehends Suspect with $100,000 Counterfeit Currency In Abuja appeared first on Housing TV Africa.

The announcement came during the presentation of the 2024 Monetary Policy Statement (MPS) on Friday, April 5th, 2024.

Mushayavanhu outlined that ZiG will be supported by a combination of foreign currencies, gold, and other precious metals.

The currency will be issued in various denominations, including 1, 2, 5, 10, 50, and 100 notes, with corresponding coins for half and a quarter ZiG.

The launch of ZiG is scheduled for April 8th, with an initial exchange rate set at 13.56 per dollar and an accompanying interest rate of 20%.

Banks are mandated to convert their existing Zimbabwean dollar balances into ZiG, a move aimed at fostering a stable and robust national currency.

Speaking at a press conference in Harare, Mushayavanhu emphasized the necessity of establishing a dependable currency, stating, “We want a solid and stable national currency in this country. It does not help to print money. Certainly, under my watch, it is not going to happen.”

The decision to introduce ZiG marks Zimbabwe’s sixth attempt to establish a functional local currency since the economic crisis of 2008, which saw hyperinflation rates surpassing 500 billion percent, rendering the currency virtually worthless.

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The current Zimbabwean dollar has depreciated significantly, losing four-fifths of its value against the dollar since the beginning of the year, making it one of the worst-performing currencies globally.

The deteriorating currency has led to a predominant use of foreign currencies in transactions, with over 80% conducted in dollars. Inflation has surged to 55.3% in March from 47.6% the previous month.

Mushayavanhu expressed confidence that the introduction of ZiG would help mitigate inflation, projecting a decline to 2% to 5% by the end of the year. He reiterated the central bank’s commitment to refrain from engaging in quasi-fiscal activities, emphasizing its core mandate.

Key highlights of the Monetary Policy Statement include:

• Structured currency backed by reserves and royalties
• Conversion of ZWL dollar balances to ZiG
• Co-circulation of ZiG alongside other currencies
• Maintenance of the multi-currency system until 2030 as per legal provisions
• Obligation conversion to ZiG
• Acceptance of old notes by banks for the next 21 days

Additionally, President Emmerson Mnangagwa has issued Statutory Instrument 60 of 2024 to operationalize ZiG, facilitating its implementation.

READ ALSO: CBN’s Recapitalization May Lead to Closure, Acquisition of 11 Banks

The move to introduce ZiG underscores Zimbabwe’s commitment to address economic challenges and restore financial stability through innovative monetary measures.

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