No New N5,000, N10,000 Banknotes, Says CBN

The Central Bank of Nigeria (CBN) has denied introducing new N5,000 and N10,000 banknotes, labelling the reports as “fake” and urging Nigerians to disregard them.

In a statement on its official X handle, the CBN emphasized that the report’s content did not originate from the bank.

“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.

The CBN’s communications department further clarified that the only official sources for releasing statements to the media are the bank’s website or statements from its department. The department also denied the existence of a Deputy Governor by the name of Ibrahim Tahir Jr., quoted in the fake report.

The fake report had claimed that the introduction of the new banknotes aimed to reduce cash-handling costs and provide Nigerians with more efficient means of conducting large transactions. It also falsely stated that the new notes would feature portraits of Chief Obafemi Awolowo and Dr. Nnamdi Azikiwe, and would incorporate advanced security features.

The fake report read, “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.

“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 color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.

According to CBN, investigations has been initiated to determine the source of the false report.