By Funmilayo Akinyemi
The Central Bank of Nigeria (CBN) has denied plans to introduce new ₦5,000 and ₦10,000, as suggested in some social media contents.
The report, which appeared to have been shared multiple times on WhatsApp, quoted one Deputy CBN Governor, Ibrahim Tahir Jr, who said the move is aimed at “reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”
It stated further: “CBN Announces New ₦5,000 & ₦10,000 Notes. In a bid to reduce cash handling challenges, the Central Bank of Nigeria (CBN) has introduced new ₦5,000 and ₦10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025.
“CBN unveils new ₦5,000 and ₦10,000 banknotes to enhance cash transactions. Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – ₦5,000 and ₦10,000 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.”
But, the apex bank in a post described the insinuation as the figment of the writers’ imagination, labeling the report and the claimed banknotes as fake.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” CBN stated in the post.
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.
