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EconomyNewsTop stories

Central Bank of Nigeria Dismisses False Report of New Banknotes

Oluwadara Akingbohungbe
By Oluwadara Akingbohungbe
Published: April 2, 2025
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The Central Bank of Nigeria (CBN) has firmly refuted a report circulating online that claimed the bank was introducing new N5,000 and N10,000 banknotes. The CBN, through its official X handle, issued a statement labeling the report as “fake” and urged the Nigerian public to disregard it entirely. The statement emphasized that the information did not originate from the central bank.

Further clarification was provided by the CBN’s communications department, which reiterated that the bank’s official channels for releasing information to the media are its website (cbn.gov.ng) and statements directly from the department. The CBN also pointed out a significant error in the fake report: the mention of a “Deputy CBN Governor, Ibrahim Tahir Jr.” No such individual holds that position within the bank. The CBN has initiated an investigation to determine the source of the false information.

The fabricated report had quoted this non-existent “Deputy Governor” as stating that the introduction of the new high-denomination notes was intended to reduce cash-handling costs and streamline large transactions. The report also wrongly asserted that the new notes would feature portraits of Chief Obafemi Awolowo (N5,000) and Dr. Nnamdi Azikiwe (N10,000) and would incorporate advanced security features. Furthermore, the false report stated that the nationwide rollout of these new notes was scheduled for May 1, 2025, with commercial banks instructed to distribute them through ATMs and over-the-counter transactions. The CBN’s consistent and clear denial underscores the importance of verifying information from official sources.

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