CBN Dismisses Report On N5,000 And N10,000 Banknotes As Fake.
The Central Bank of Nigeria (CBN) has refuted claims that it has introduced N5,000 and N10,000 banknotes, labelling the report as false and urging Nigerians to disregard it.
In a statement posted on its official X (formerly Twitter) handle yesterday, the apex bank dismissed the report, clarifying that no such denominations have been issued.
“The content is not from CBN. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
Further addressing the matter, the CBN’s Communications Department reaffirmed that the bank only issues official statements through its website or directly from the department. It also noted that the individual cited in the report as a deputy governor, Ibrahim Tahir Jr, does not exist.
“We are investigating the source of this fake content,” the department added.
The false report had claimed that the introduction of the N5,000 and N10,000 banknotes was aimed at reducing cash-handling costs and providing Nigerians with a more efficient means of conducting large transactions. It also alleged that the N5,000 note would bear the portrait of Chief Obafemi Awolowo, while the N10,000 note would feature Dr Nnamdi Azikiwe, honouring their contributions to Nigeria’s development.
Additionally, the report falsely stated that the new notes would incorporate advanced security features such as colour-changing ink, holograms, and anti-counterfeiting technology, with a nationwide rollout set for 1 May 2025.
The CBN has reiterated its commitment to providing accurate information to the public and warned against the spread of misleading reports. Nigerians are advised to verify any financial news from official CBN channels before sharing or acting on such information.
