- The Central Bank of Nigeria denied introducing N5,000 and N10,000 banknotes
- It said it is investigating the source of the fake report
- The fake report said banknotes’ introduction was to ease cash-handling costs
The Central Bank of Nigeria (CBN) has dismissed a false report circulating on social media platforms claiming that it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions.
In a statement posted on its official X handle on Wednesday, April 2, the CBN described the report as fake and urged Nigerians to disregard 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 statement read.
Fake N5,000 banknote. Photo credit: CBN
CBN investigating source of the fake content
The CBN further clarified in a statement from its communications department that its website is the official source for releasing statements to the media.
The statement added that the apex bank is investigating the source of the fake report.
“The only official sources for releasing statements to the media are our website or statements from our department.
“There is also no Deputy Governor by such name. We are investigating the source of this fake content,” the statement read.
Fake N10,000 banknote. Photo credit: CBN
Fake report said banknotes introduced to ease cash-handling costs
The fake report in circulation quoted one Deputy CBN Governor, Ibrahim Tahir Jr., as having issued the statement titled ‘CBN Unveils New N5,000 and N10,000 Banknotes to Enhance Cash Transaction.’
It further stated that the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via Automated Teller Machines (ATMs) and over-the-counter transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
CBN to fine banks N150 million for sale of minted naira notes to hawkers
Meanwhile, TheRadar earlier reported that the Central Bank of Nigeria (CBN) imposed a N150 million fine on the first instance per branch on deposit money banks (DMBs) involved in the illicit flow of mint banknotes to currency hawkers and economic agents that commodify naira banknotes.
The CBN noted that the selling of naira banknotes to currency hawkers by banks undermines efficient and effective cash distribution to banks’ customers.
