CBN denies new N5,000, N10,000 banknotes report
The Central Bank of Nigeria has rejected reports regarding the launch of new N5,000 and N10,000 banknotes, labeling them as false.
The CBN clarified on its Instagram account that the information did not originate from any official CBN source.
“The information is not from the Central Bank of Nigeria. Please note that the official website of the CBN is cbn.gov.ng,” stated the CBN.
The disseminated report cited a Deputy CBN Governor, Ibrahim Tahir Jr., claiming that introducing new N5,000 and N10,000 notes would lower cash-handling expenses and offer a more efficient method for large transactions, which the central bank has denied.
CBN emphasized that there is no Deputy Governor named Ibrahim Tahir Jr. and confirmed that it is looking into the origin of the fraudulent report.
The report, which seems to have been widely circulated on WhatsApp, included a statement reading, “CBN Announces New N5,000 & N10,000 Notes. To address cash handling difficulties, the Central Bank of Nigeria (CBN) has launched new N5,000 and N10,000 notes featuring notable Nigerian leaders. These notes will be available starting May 1, 2025.
“CBN reveals new N5,000 and N10,000 banknotes aimed at improving cash transactions. Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially declared the introduction of two new denominations – N5,000 and N10,000 banknotes – as part of ongoing initiatives to enhance cash transactions and improve liquidity management. According to the Deputy CBN Governor, Dr. Ibrahim Tahir Jr., this initiative is designed to reduce cash-handling costs and provide Nigerians with more efficient ways to carry out large transactions.”
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