The Central Bank of Nigeria (CBN) has refuted claims about introducing N5,000 and N10,000 banknotes, labeling the report as false. In a statement shared on its official X handle, the apex bank clarified that the information did not originate from them and urged Nigerians to disregard it. The CBN emphasized that its official website, cbn.gov.ng, is the only legitimate source for such announcements.
The fabricated report falsely quoted a Deputy Governor named Ibrahim Tahir Jr., who does not exist within the bank’s leadership. It claimed the new denominations were intended to reduce cash-handling costs and streamline large transactions. The fake report also suggested that the N5,000 note would feature Chief Obafemi Awolowo, while the N10,000 note would showcase Dr. Nnamdi Azikiwe, with enhanced security features like holograms and anti-counterfeiting technology.
Additionally, the report falsely stated that the rollout of these notes would begin on May 1, 2025, with commercial banks instructed to distribute them via ATMs and over-the-counter transactions. The CBN has launched an investigation to identify the source of this misinformation.
