Central Bank of Nigeria (CBN) has refuted claims regarding the introduction of new N5,000 and N10,000 banknotes, labeling the report as false.
Gatekeepers News reports that in a statement posted on its Instagram page, the CBN clarified that the information did not originate from its official channels.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” stated the apex bank in the post where it labelled the report and the claimed banknotes as fake.
The misleading report cited a fictional Deputy Governor, Ibrahim Tahir Jr., asserting that the introduction of new banknotes was intended to reduce cash-handling costs and streamline large transactions for Nigerians.
The report, which appeared to have been shared multiple times on WhatsApp, partly read, “CBN Announces New N5,000 & N10,000 Notes. In a bid to reduce cash handling challenges, the Central Bank of Nigeria (CBN) has introduced new N5,000 and N10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025.
“CBN unveils new N5,000 and N10,000 banknotes to enhance cash transactions. Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes – as part of ongoing efforts to streamline cash transactions and improve liquidity management. According to the Deputy CBN Governor, Dr Ibrahim Tahir Jr, the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”
The CBN’s communications department confirmed that no deputy governor by that name exists and announced that it is currently investigating the source of this misinformation.
