CBN Dismisses Claims Of N5,000 And N10,000 Banknotes Introduction

The Central Bank of Nigeria (CBN) has dismissed reports suggesting that it has introduced N5,000 and N10,000 banknotes, calling them false and misleading.

In a statement shared on its X page on Wednesday, the apex bank urged Nigerians to ignore the claims, emphasizing that the information did not originate from the CBN.

“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 clarifying the issue, the CBN’s communications department stated that only its official website or authorized statements from its department should be considered credible.

It also pointed out that the supposed Deputy Governor named in the report does not exist within the bank’s leadership.

The false report had attributed the statement to a certain “Ibrahim Tahir Jr.,” claiming the new high-value notes were designed to reduce cash-handling costs and improve transaction efficiency.

It also falsely suggested that the N5,000 note would feature Chief Obafemi Awolowo, while the N10,000 note would bear the image of Dr. Nnamdi Azikiwe, incorporating advanced security features.

The report further alleged that the bank planned to roll out the new denominations nationwide from May 1, 2025, with commercial banks distributing them via ATMs and over-the-counter transactions.

Dismissing these claims, the CBN reiterated that no such plans exist and that it is investigating the source of the misinformation.

KanyiDaily recalls that In 2023, the CBN dealt with controversies surrounding the redesign of the N200, N500, and N1,000 notes.