CBN Dismisses Claims of Introducing N5,000, N10,000 Banknotes

The misleading report had falsely claimed that the CBN planned to introduce the new denominations to reduce cash-handling costs and facilitate large transactions. It also alleged that the N5,000 and N10,000 notes would feature the portraits of Nigerian nationalist leaders, Chief Obafemi Awolowo and Dr. Nnamdi Azikiwe, respectively, and include advanced security features to prevent counterfeiting.

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has refuted claims that it has introduced N5,000 and N10,000 banknotes, labeling the report as entirely false.

In a statement released via its official X (formerly Twitter) handle on Wednesday, the apex bank urged Nigerians to disregard the information, emphasizing that it did not originate from any official CBN source.

“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.

The bank further clarified through its communications department that any official statement from the institution would only be released through its website or authorized media channels. It also denied the existence of the alleged Deputy Governor, Ibrahim Tahir Jr., who was quoted in the false report.

“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 CBN stated.

The misleading report had falsely claimed that the CBN planned to introduce the new denominations to reduce cash-handling costs and facilitate large transactions. It also alleged that the N5,000 and N10,000 notes would feature the portraits of Nigerian nationalist leaders, Chief Obafemi Awolowo and Dr. Nnamdi Azikiwe, respectively, and include advanced security features to prevent counterfeiting.

Furthermore, the report suggested that the rollout of the purported banknotes was set to begin on May 1, 2025, with commercial banks instructed to distribute them through ATMs and over-the-counter transactions.

The CBN has urged the public to rely on its official website and verified channels for accurate information regarding its policies and operations.