The Central Bank of Nigeria (CBN) has dismissed as false a report claiming that it had introduced new N5,000 and N10,000 banknotes.
In a post on its official Instagram page on Wednesday, the CBN clarified that the report did not originate from the bank. “The content is not from the Central Bank of Nigeria. Please note that the official website of the CBN is cbn.gov.ng,” the apex bank stated, labeling the report and the alleged new banknotes as fake.
The circulating report, which was shared widely on WhatsApp, quoted a supposed Deputy CBN Governor, Ibrahim Tahir Jr., stating that the introduction of the new denominations was aimed at reducing cash-handling costs and providing more efficient options for large transactions.
The fake report claimed, “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 false report continued, “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. According to the Deputy CBN Governor, Dr. Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”
In response, the CBN’s communications department issued a statement confirming that no such deputy governor exists and that the source of the fake content is under investigation.
