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The Central Bank of Nigeria (CBN) has firmly refuted claims circulating about the introduction of N5,000 and N10,000 banknotes in the country. In a statement released on Wednesday, the apex bank described the reports as false and urged Nigerians to ignore the misleading information.
The supposed announcement, which went viral on social media, falsely quoted a non-existent Deputy Governor of the CBN, Ibrahim Tahir Jr., claiming that the new high-value banknotes were part of a plan to reduce cash-handling costs and improve transaction efficiency. The report also stated that the N5,000 note would feature Chief Obafemi Awolowo’s portrait and the N10,000 note would feature Dr. Nnamdi Azikiwe, with enhanced security features like color-changing ink and holograms.
In its official response, the CBN clarified that no such banknotes were being introduced and that the content was entirely fabricated. The bank also urged Nigerians to rely solely on its official website (cbn.gov.ng) for accurate information and to disregard any unofficial sources.
The CBN further assured the public that investigations were underway to identify the origin of this fake news. The bank emphasized that all statements to the media are issued through its authorized communications channels, including its website and official press releases.
The fake report also claimed that the rollout of the new notes would begin on May 1, 2025, with commercial banks directed to distribute the new denominations. However, the CBN swiftly put those rumors to rest, assuring Nigerians that these claims were baseless.
In light of this development, the CBN has urged the public to stay vigilant and always verify news from credible sources to avoid falling victim to misinformation.
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