The Central Bank of Nigeria (CBN) denied reports about introducing N5,000 and N10,000 banknotes for cash transaction facilitation because it found the information to be completely false.
The Bank released a statement through its X account on Wednesday to deny the report as false information while telling people to ignore it.
No official information regarding new banknotes comes from the Central Bank of Nigeria. The CBN official website operates at cbn.gov.ng as per this official statement.
The CBN communications department clarified that the bank authorizes only website posts and their department-directed statements to serve as media release sources.
Related
Cultivating Passion: A Guide to Finding and Creating What You Love
No individual holds the position of Deputy Governor at the CBN under such name. We are currently determining where this fraudulent content started.
A supposed Deputy CBN Governor named Ibrahim Tahir Jr. made a false statement through the report claiming the new banknotes functioned to cut down cash-handling expenses and deliver improved efficiency for big monetary 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.
