The Central Bank of Nigeria (CBN) has denied reports that it is introducing new ₦5,000 and ₦10,000 banknotes, dismissing the claims as false and misleading. The apex bank made this clarification amid widespread speculation about the alleged unveiling of high-denomination currency notes.
In recent days, several reports circulated suggesting that the CBN was set to release the new banknotes to enhance cash transactions. Some of these reports claimed that the move was aimed at reducing cash-handling costs and improving liquidity management in Nigeria’s financial system.
Further fueling the speculation, some sources attributed the introduction of the new notes to a supposed Deputy Governor of the CBN, identified as Dr. Ibrahim Tahir Jr. According to these unverified reports, the new banknotes were expected to be in circulation starting May 1, 2025.
However, the CBN has firmly denied these claims. In a statement posted on its official X (formerly Twitter) page, the bank wrote: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The statement emphasized that the information circulating online did not originate from the CBN, urging Nigerians to rely only on official channels for updates regarding the country’s currency policies. The bank also reassured the public that it remains committed to transparency in all its financial and monetary policies.
This is not the first time the CBN has had to debunk rumors related to currency changes. In the past, similar reports have surfaced regarding redesigns or the introduction of new denominations, often leading to confusion among Nigerians.
