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CBN debunks reports it has introduced N5,000, N10,000 banknotes
The Central Bank of Nigeria (CBN) has dismissed as false a widely circulated report claiming it has introduced new N5,000 and N10,000 banknotes.
In a statement shared on its official Instagram page on Wednesday, the apex bank clarified that the report did not originate from it and urged the public to disregard the misleading information.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the bank stated, firmly labeling the purported banknotes and accompanying report as fake.
READ ALSO: Naira continues to slump against dollar at black market, no official rates from CBN
The false report, which gained traction on social media platforms, particularly WhatsApp, alleged that the CBN had introduced the new denominations to reduce cash-handling costs and facilitate large transactions. It was attributed to a supposed Deputy CBN Governor, Ibrahim Tahir Jr.
According to the fabricated statement, “CBN Announces New N5,000 & N10,000 Notes. In a bid to reduce cash handling challenges, the Central Bank of Nigeria (CBN) has introduced new N5,000 and N10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025.”
The misinformation further quoted the fictitious official as stating, “CBN unveils new N5,000 and N10,000 banknotes to enhance cash transactions. Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes – as part of ongoing efforts to streamline cash transactions and improve liquidity management.”
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