The Central Bank of Nigeria (CBN) has dismissed claims of introducing new N5,000 and N10,000 banknotes, labeling the reports as false. In a statement posted on X, the apex bank clarified that the information did not originate from the CBN, emphasizing that its official website is (link unavailable) ¹.
The CBN’s denial comes amid widespread misinformation suggesting that the bank planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management. Some versions of the false reports even quoted a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025. However, the CBN has stated that there is no Deputy Governor by that name ¹.
The fake report had also claimed that the new notes would feature portraits of Chief Obafemi Awolowo and Dr. Nnamdi Azikiwe, and would incorporate advanced security features. The CBN has initiated an investigation to determine the source of the false information ².
The CBN’s consistent and clear denial underscores the importance of verifying information from official sources. The public is advised to rely only on information from the CBN’s official website and statements from authorized official.
