Cbn Refutes Claims Of New N5,000 And N10,000 Banknotes

The Central Bank of Nigeria CBN dismissed claims that it had launched N5,000 and N10,000 banknotes to aid cash transactions as untrue in a message shared on its official X account on Wednesday. The Central Bank labelled the claim as false and urged Nigerians to ignore it.

A communication from the CBN's communications team further explained, "The only authorised sources for making announcements to the media are our official website or communications from our department. Additionally, there is no Deputy Governor by that name. We are looking into the origin of this false information."

The fake report cited one Deputy CBN Governor, Ibrahim Tahir Jr., saying that the initiative aims to cut down cash-handling expenses and offer Nigerians more effective ways to carry out large transactions.

The false report also claimed that the nationwide implementation would commence on May 1, 2025, and commercial banks would be directed to start issuing the new notes through ATMs and over-the-counter services.

"The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng," the statement read.