Market News

The Central Bank of Nigeria (CBN) has dismissed a report claiming it introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.

In a statement posted on its official X handle, yesterday, the apex bank described the report as fake and urged Nigerians to disregard it.

“The content is not from CBN. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement reads.

A statement from the CBN’s Communications Department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no deputy governor by such name. We are investigating the source of this fake content.”

The report, which quoted one CBN Deputy Governor, Ibrahim Tahir Jr, said the move was aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.

“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” it stated.

According to the reportedly fake report, the new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.

“Additionally, the new notes will incorporate enhanced security features, including colour-changing ink, holograms and anti-counterfeiting technology, making them impossible to replicate.”

It also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via Automated Teller Machines (ATMs) and over-the-counter transactions.