The Central Bank of Nigeria (CBN) has swiftly debunked the viral claim that it plans to introduce new N5,000 and N10,000 banknotes into the financial system. In a statement released on Wednesday, the apex bank described the reports as “fake” and urged the public to disregard the misinformation.
Thank you for reading this post, don't forget to subscribe!The CBN’s response came after a widely shared message on social media platforms alleged that the bank had issued a circular announcing the introduction of the high-denomination notes. The message claimed that the new notes would enhance cash transactions, reduce cash-handling costs, and improve liquidity management. It also attributed the statement to Deputy Governor, Dr. Ibrahim Tahir Jr., and stated that the notes would be released on May 1, 2025.
However, the CBN took to its official X (formerly Twitter) account to set the record straight. “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is (link unavailable),” the statement read.¹ ²
The bank’s swift response underscores the importance of verifying information through official channels to prevent the spread of misinformation. The CBN has emphasized the need for the public to rely only on its official communication channels for accurate updates.
This is not the first time the CBN has faced challenges related to currency management. In 2023, the bank redesigned the N200, N500, and N1,000 notes, which sparked debates and logistical challenges nationwide. The CBN has also raised concerns over the rising circulation of counterfeit naira notes, particularly higher denominations.