CBN Debunks Report on Introduction of N5,000 and N10,000 Banknotes
The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced N5,000 and N10,000 banknotes to facilitate cash transactions, labeling the report as false.
In a statement posted on its official X handle yesterday, the apex bank described the information as fake and urged Nigerians to disregard it.
“The content is not from CBN. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A follow-up statement from the CBN’s Communications Department further clarified: “The only official sources for releasing statements to the media are our website or statements from our department. There is also no deputy governor by such a name. We are investigating the source of this fake content.”
The false report, which attributed the announcement to a supposed CBN Deputy Governor, Ibrahim Tahir Jr, claimed that the new banknotes were aimed at reducing cash-handling costs and providing Nigerians with a more efficient means of conducting large transactions.
It alleged that the N5,000 note would feature the portrait of Chief Obafemi Awolowo, while the N10,000 note would showcase Dr. Nnamdi Azikiwe in recognition of their contributions to Nigeria’s development. Additionally, the report falsely stated that the new notes would incorporate advanced security features, such as color-changing ink, holograms, and anti-counterfeiting technology.
The purported rollout date was May 1, 2025, with commercial banks allegedly instructed to begin issuing the new notes via ATMs and over-the-counter transactions.
The CBN has categorically denied these claims and reassured Nigerians that any official communication regarding currency changes will be made through its verified channels.
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