Nigeria's Central Bank Refutes Claims of New ₦5,000 and ₦10,000 Notes
The CBN planned to introduce new banknotes to reduce cash-handling costs and improve liquidity management, according to reports.
The Central Bank of Nigeria (CBN) has denied claims that it has introduced new ₦5,000 and ₦10,000 notes, calling the reports is false.
This follows widespread misinformation suggesting that the apex bank had unveiled the high-denomination banknotes to improve cash transactions.
According to the reports, the CBN was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.
Some of these claims even attributed statements to a supposed Deputy Governor, Dr Ibrahim Tahir Jr., regarding the rollout of the notes from 1 May 2025.
However, the CBN has denied these reports, stating:
"This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng."
