CBN denies claims of new N5,000, N10,000 banknotes

The Central Bank of Nigeria (CBN) has refuted claims of introducing new N5,000 and N10,000 banknotes, describing the reports as false.

There have been widespread rumors suggesting that the CBN was set to release high-denomination notes to facilitate cash transactions. These reports claimed that the new notes would help reduce cash-handling costs and improve liquidity management.

Some of the misinformation linked the introduction of the new currency notes to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., and mentioned that the notes would be launched on May 1, 2025.

In response, the CBN posted a statement on its X page, clarifying that the reports were not from the bank, adding, “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”