The Central Bank of Nigeria (CBN) has dismissed as false a report claiming it has introduced new N5,000 and N10,000 banknotes.
In a statement posted on its Instagram page on Wednesday, the apex bank clarified that the report did not originate from it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the bank stated, labeling the circulating report and alleged banknotes as fake.
The false report, which quoted a supposed Deputy CBN Governor, “Ibrahim Tahir Jr,” claimed that the introduction of the new denominations was intended to reduce cash-handling costs and facilitate large transactions. It further alleged that the new notes would enter circulation from May 1, 2025.
In response, the CBN’s communications department stated that no such deputy governor exists and that an investigation is underway to determine the source of the misinformation.
