Introduction of N5,000, N10,000 banknotes is fake news says CBN

The Central Bank of Nigeria (CBN) has dismissed allegations that it has introduced new N5,000 and N10,000 notes into the nation’s economy labeling the reports as false.

In a statement posted on X on Wednesday, the CBN debunked the rumors, 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 clarification comes amid widespread misinformation suggesting that the CBN planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management.

Some versions of the false reports even attributed comments to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025.