CBN Dismisses Report On Introduction Of ₦5,000 And ₦10,000 Banknotes

Scope 05 Apr 2025

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The Central Bank of Nigeria (CBN) has vehemently denied online claims that it had introduced ₦5,000 and ₦10,000 banknotes to ease cash transactions.

In a statement posted on its official social media account on Wednesday, the apex bank described the report as “fake” and urged Nigerians to ignore it.

The CBN stated, “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

In a follow-up statement, the CBN’s communications department further clarified that only the official website and statements from their department are legitimate sources for media communications.

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The statement also dismissed the mention of a “Deputy Governor” named Ibrahim Tahir Jr., saying, “There is no Deputy Governor by such name at the CBN. We are investigating the source of this fake content.”

The fake report, which had gained traction on social media, claimed that the alleged new banknotes were being introduced to reduce cash-handling costs and facilitate more efficient transactions.

It also falsely quoted the “Deputy Governor” as saying, “The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash.”

The fabricated news also stated that the new ₦5,000 note would feature the portrait of Obafemi Awolowo, while the ₦10,000 note would showcase Nnamdi Azikiwe, both presented as recognition of their contributions to Nigeria’s development.

It further mentioned that the notes would come with enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology.

The false report also claimed that the rollout of the new currency notes would commence on May 1, 2025, with commercial banks instructed to issue them via ATMs and over-the-counter transactions.