CBN Dismisses Rumors of New High-Denomination Banknotes
A viral message making rounds on social media has falsely claimed that the Central Bank of Nigeria (CBN) is set to introduce new N5,000 and N10,000 banknotes to improve cash transactions. However, the apex bank has come forward to categorically deny these reports, labeling them as fake.
Taking to its official Instagram page on Wednesday, the CBN dismissed the claims, making it clear that the information 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 bank stated while tagging the widely shared report as false.
The misleading message, which has been circulating heavily on WhatsApp and social media, cited a so-called Deputy CBN Governor, Ibrahim Tahir Jr., who allegedly announced the introduction of the new banknotes. The message claimed the move was intended to reduce cash-handling costs and make large transactions easier for Nigerians.
The fake report, written in an official-sounding tone, stated:
“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.”
Another version of the report falsely quoted Deputy CBN Governor Dr. Ibrahim Tahir Jr. as saying:
“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.”
CBN Investigates the Source of Fake News
In response to the widespread misinformation, the CBN’s communications department issued a statement reinforcing that no such banknotes had been introduced and that no individual named Ibrahim Tahir Jr. holds a deputy governor position at the bank. The bank also assured the public that it is actively investigating the source of the fabricated content.
Misinformation can spread like wildfire in today’s digital age, and this incident underscores the importance of verifying news before sharing it. The CBN urges Nigerians to rely only on official channels such as its website (cbn.gov.ng) and verified social media pages for accurate updates regarding monetary policies and currency changes.
With financial scams and fake news on the rise, staying informed through credible sources is more crucial than ever.