The Central Bank of Nigeria (CBN) has firmly debunked circulating reports suggesting the introduction of ₦5,000 and ₦10,000 banknotes. The apex bank dismissed the claims as “false” and advised the public to disregard them.
In a statement released via its official social media platform on Wednesday, the CBN emphasized that the report did not originate from the institution, reiterating that its only recognized online presence remains its official website, cbn.gov.ng.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
Further reinforcing its stance, the CBN’s communications department issued a follow-up statement, warning that only announcements from the official website and its media department should be considered authentic sources of information.
Additionally, the apex bank refuted the existence of a purported “Deputy Governor” named Ibrahim Tahir Jr., as referenced in the fake report. “There is no Deputy Governor by such name at the CBN. We are currently investigating the origins of this misleading content,” the statement declared.
The misleading report, which rapidly gained traction on social media, falsely alleged that the introduction of the high-value banknotes aimed to reduce cash-handling costs and facilitate smoother transactions.
It also included a fabricated quote from the non-existent “Deputy Governor,” falsely claiming, “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.”
Furthermore, the misinformation suggested that the ₦5,000 note would bear the portrait of Obafemi Awolowo, while the ₦10,000 note would feature Nnamdi Azikiwe in recognition of their roles in Nigeria’s development.
The false report also stated that the new notes would incorporate advanced security features such as color-changing ink, holograms, and anti-counterfeiting technology.
Adding to the deception, the report claimed that the rollout of these denominations would commence on May 1, 2025, with commercial banks instructed to distribute them through ATMs and over-the-counter transactions.
The CBN has urged Nigerians to remain vigilant against misinformation and rely solely on official sources for updates regarding the nation’s currency and financial policies.
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