Will Nigeria be getting a New Note, and is one of the banks in crisis?
The Central Bank of Nigeria (CBN) took to its X account to debunk two rumors in one day: the introduction of a ₦5000 note and Polaris Bank liquidation.
Razaq Okoya Buying Polaris Bank
An X user, @Femzydr1, who, according to half the comments, is apparently known as a serial fake-news poster, dropped a viral post claiming Polaris Bank was “undergoing a liquidation process” because it missed the CBN’s recapitalization deadline. 
He said the bank couldn’t raise the extra capital it needed, so it would be handed over to the Nigeria Deposit Insurance Corporation (NDIC) for winding down. The X user added that the bank’s license was possibly revoked, and billionaire Razaq Okoya of Eleganza was supposedly bidding to buy it, fix it, and make it compliant.
As usual, Nigerians started to panic in the comment section. The generous ones forwarded it to their contacts on other social media platforms like WhatsApp.
The CBN saw it and clapped back immediately on its official X page. They posted a screenshot of the fake claim and wrote: “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”
SEE ALSO: 4 New Changes South Africa Is Making to Its Visa and Refugee Policies
Polaris Bank also confirmed the fake news by telling customers: “Ignore this misinformation… our services remain fully operational… transact as usual.” No liquidation, no takeover, nothing.
This drama follows an announcement by the CBN in March 2024, where it told all banks they had two years (until March 31, 2026) to increase their capital. International banks needed a ₦500 billion minimum, national banks needed ₦200 billion, and regional banks needed ₦50 billion.
The goal was to make banks stronger so they can lend more for things like power, roads, factories, and tech to basically help fix the economy. By the deadline, 33 banks had hit the mark and raised ₦4.65 trillion in total. This isn’t the first time there have been bank rumors in Nigeria; Heritage Bank was involved in one some years back.
The ₦5,000 Note
Next, the CBN shut down the ₦5,000 rumor later in the day.
There were fresh viral images and “circulars” claiming the CBN just dropped (or was about to drop) new ₦5,000 notes. Some had the face of the president, Bola Ahmed Tinubu, on them, while some were just a fancy new design. There were also rumors that circulation would start soon.
The CBN, on its official X page, came out clearly: “This content is fake. Let the public be guided.” This means the circulating images and messages about the ₦5000 note and Polaris Bank liquidation are fabricated. The highest denomination in Nigeria right now is still the ₦1,000 note; no new high-denomination notes have been announced.
About The Author
Keep Up to Date with the Most Important News
