Governor, Central Bank of Nigeria, Dr. Olayemi Cardoso
The Central Bank of Nigeria has declared that it has not introduced new N5,000 and N10,000 banknotes, contrary to a report.
Debunking the report in a post on its Instagram page on Wednesday, the bank said that the report did not originate from it.
It said, “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,”
The apex bank in the post, labelled the report and the claimed banknotes as fake.
The circulating report quoting one Deputy CBN Governor, Ibrahim Tahir Jr, said the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
According to the report, which appeared to have been shared multiple times on WhatsApp, “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.
“CBN unveils new N5,000 and N10,000 banknotes to enhance cash transactions. Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes – as part of ongoing efforts to streamline cash transactions and improve liquidity management. According to the Deputy CBN Governor, Dr Ibrahim Tahir Jr, the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”
Meanwhile, a statement from the CBN’s communications department said there was no deputy governor by such a name and that it is investigating the source of the fake content.
The Punch
