The Central Bank of Nigeria has rejected reports claiming it introduced N5,000 and N10,000 banknotes to ease cash transactions, labeling the information as false.
In a statement shared on its official X account on Wednesday, the central bank dismissed the report as fake and advised Nigerians to ignore it.
“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.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report cited Deputy CBN Governor Ibrahim Tahir Jr., suggesting that the initiative was intended to lower cash-handling costs and offer Nigerians a more efficient way to carry out large transactions.
“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 Governor stated. The CBN said there is no such name in its leadership.
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“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The false report also claimed that the nationwide distribution would commence on May 1, 2025, with commercial banks directed to begin dispensing the new notes through ATMs and over-the-counter transactions.
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