The Central Bank of Nigeria (CBN) has swiftly refuted claims circulating that it introduced new N5,000 and N10,000 banknotes to streamline cash transactions. The bank labeled the reports as false and urged Nigerians to disregard the misleading information.
In a statement released on its official X handle, the CBN emphasized that the content in question did not come from any official channels. The statement further clarified that the only legitimate source for such announcements is the CBN’s official website, cbn.gov.ng.
The confusion originated from a report that falsely quoted a CBN Deputy Governor, Ibrahim Tahir Jr., suggesting that the introduction of these high-denomination notes was intended to reduce cash-handling costs and improve the efficiency of large transactions. According to the fake report, the N5,000 note would feature the image of Chief Obafemi Awolowo, while the N10,000 note would display Dr. Nnamdi Azikiwe, both honoring their contributions to Nigeria’s history.
In response, the CBN’s Communications Department reiterated that all official statements are released through its verified media channels. The bank also expressed that an investigation was underway to identify the source of the fabricated news. The purported rollout of these new notes, including their alleged availability via ATMs and over-the-counter transactions from May 1, 2025, was entirely untrue.
The CBN’s prompt denial has raised questions about the spread of misinformation, especially on platforms that can quickly amplify fake news. As such, the bank urges the public to be cautious and rely on verified sources for information on any official policy changes.
