The Central Bank of Nigeria (CBN) has dismissed reports suggesting that it plans to introduce new N5,000 and N10,000 banknotes, labeling the claims as false.
Recent reports widely circulated on social media alleged that the CBN had unveiled high-denomination notes to facilitate cash transactions. Some sources claimed the move was aimed at reducing cash-handling costs and improving liquidity management. The reports further attributed the alleged introduction to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., and stated that the notes would be released on May 1, 2025.
CBN’s Official Response
In response to these claims, the CBN, through its official X (formerly Twitter) handle, categorically denied the reports, stating: “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
A statement from the bank’s communications department further clarified: “The only official sources for releasing statements to the media are our website or official communications from our department. There is also no Deputy Governor by such a name. We are investigating the source of this fake content.”
Previous Currency Management Challenges
This is not the first time the CBN has had to address misinformation regarding Nigeria’s currency system. In 2023, the bank faced significant controversies surrounding the redesign of the N200, N500, and N1,000 notes. While these reforms aimed to modernize currency usage, they sparked nationwide debates over accessibility and implementation challenges.
Additionally, the CBN has previously raised concerns over the circulation of counterfeit banknotes, particularly higher denominations. Reports indicated that fake naira notes were being used in food markets and commercial centers across major Nigerian cities.
At the time, Mrs. Hakama Sidi Ali, Acting Director for Corporate Communications at the CBN, cautioned the public that falsifying or counterfeiting CBN-issued notes is a criminal offense punishable by at least five years of imprisonment. She reassured Nigerians that the apex bank continues to work closely with security and financial agencies to combat counterfeit operations and maintain the integrity of the nation’s currency.
The CBN urges the public to rely only on official sources for information and avoid spreading false reports regarding Nigeria’s monetary policies and banking operations.
