The Central Bank of Nigeria (CBN) has officially debunked widespread reports claiming it plans to introduce ₦5,000 and ₦10,000 denomination banknotes, dismissing the information as false, misleading, and entirely fabricated.
The apex bank’s statement comes in response to viral messages and blog posts alleging that the new high-denomination notes would be launched on May 1, 2025, and were part of a strategy to streamline cash transactions, reduce handling costs, and boost liquidity.
The reports falsely attributed the claim to a fictitious CBN Deputy Governor, Dr. Ibrahim Tahir Jr., a name the central bank confirmed does not exist within its leadership structure.
“The CBN categorically states that it has no plans to introduce such denominations, and the public is advised to disregard the misinformation,” the bank stated.
The CBN reaffirmed its commitment to transparent communication and urged Nigerians to rely on official channels for accurate updates regarding monetary policy and currency reforms. The clarification aims to curb speculation and maintain confidence in the nation’s financial system.
“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 misleading reports stated.
The fabricated claims further suggested that the N5,000 note would feature the portrait of Chief Obafemi Awolowo, while the N10,000 note would bear the image of Dr. Nnamdi Azikiwe, in honor of their contributions to Nigeria’s development.
The alleged notes were also said to incorporate advanced security features such as color-changing ink, holograms, and anti-counterfeiting technology.
Reacting to the claims, the CBN, in a disclaimer issued via its official X handle, urged Nigerians to disregard the information.