CBN Denies Reports of New N5,000 and N10,000 Banknotes
The Central Bank of Nigeria (CBN) has dismissed reports claiming it has introduced new N5,000 and N10,000 banknotes, labeling them as false.
In a statement shared on its official Instagram page on Wednesday, the apex bank clarified that it had not issued any such currency denominations and urged the public to disregard the misinformation.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the post read, with the bank also tagging images of the alleged new notes as fake.
The misleading report, which circulated widely on WhatsApp, falsely quoted a supposed Deputy CBN Governor, Ibrahim Tahir Jr., claiming that the new notes were designed to reduce cash-handling costs and improve large transactions. The viral message also alleged that the banknotes would enter circulation on May 1, 2025.
However, the CBN’s communications department has refuted the claims, stating that no such official exists within the institution. The bank further confirmed that it is investigating the source of the fake report.
