The Central Bank of Nigeria has debunked reports suggesting plans to introduce N5,000 and N10,000 banknotes, describing them as false and misleading.
The apex bank’s response follows the circulation of misinformation alleging that the CBN intends to roll out higher-denomination notes to streamline cash transactions, cut handling costs, and enhance liquidity management.
The fake reports, purportedly quoting a so-called Deputy Governor, Dr. Ibrahim Tahir Jr., claimed that the new notes would be launched on May 1, 2025.
“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.
“This 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.
The apex bank further emphasized that all official communications are released solely through its website or authorized statements from its departments.
“There is also no Deputy Governor by that name. We are investigating the source of this fake content,” the CBN’s Communications Department added.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
