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

By Seun Ibiyemi

The Central Bank of Nigeria (CBN) has firmly rejected claims that it is set to introduce new N5,000 and N10,000 banknotes, dismissing the reports as completely unfounded.

In a statement shared on X, formerly Twitter, on Wednesday, the apex bank clarified the situation, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

The bank’s response comes in the wake of widespread misinformation, which suggested that the CBN was planning to release high-denomination notes to reduce cash-handling costs and improve liquidity management.

Some of these false reports even cited a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the new notes would be introduced on May 1, 2025.