The Central Bank of Nigeria (CBN) has debunked a widely circulating report claiming that it has introduced new N5,000 and N10,000 banknotes.
In a statement posted on its official Instagram page on Wednesday, the apex bank categorically dismissed the report as false, clarifying that it 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 bank stated, labelling both the report and the purported banknotes as fake.
The false report, which has been widely shared on WhatsApp and social media, claimed that the CBN had introduced the new high-value denominations to reduce cash-handling costs and facilitate large transactions. It also falsely attributed the announcement to a supposed Deputy CBN Governor, Ibrahim Tahir Jr., a name the bank says does not exist in its leadership.
A section of the viral message read: “CBN Announces New N5,000 & N10,000 Notes. In a bid to reduce cash-handling challenges, the Central Bank of Nigeria (CBN) has introduced new N5,000 and N10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025.”
Reacting to the misinformation, the CBN’s communications department confirmed that no such policy had been announced and that the claim was entirely fabricated. It also stated that the bank is investigating the source of the false information.
The apex bank urged Nigerians to rely only on official communication channels for accurate information regarding its policies and warned against spreading unverified financial news.
