Central Bank of Nigeria speaks on alleged introduction of N5,000, N10,000 banknotes

The Central Bank of Nigeria (CBN) has debunked claims that it introduced N5,000 and N10,000 banknotes to facilitate cash transactions, describing the report as false. In a statement posted on its official X handle on Wednesday, the bank dismissed the claim as fake news and urged Nigerians to disregard it. “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read. Further clarifying the issue, the CBN’s communications department stated, “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 name. We are investigating the source of this fake content.” The false report in question had quoted a supposed Deputy CBN Governor, Ibrahim Tahir Jr., who allegedly claimed that the new banknotes were introduced to reduce cash-handling costs and provide Nigerians with a more efficient means of conducting large transactions. According to the report, the alleged official said, “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 Governor stated. 

The CBN said there is no such name in its leadership. The CBN, however, maintained that no such individual exists within its leadership. “The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development. Additionally, the fake report claimed that “the new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.” It also alleged that the new notes would have “enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate.” According to the false report, the new banknotes were expected to be rolled out nationwide from May 1, 2025, with commercial banks instructed to start issuing them through ATMs and over-the-counter transactions.

 The CBN reiterated that the claim was entirely baseless and urged the public to rely only on official sources for information regarding Nigeria’s currency and monetary policies.