CBN Debunks Alleged Introduction of N5,000, N10,000 Notes

By: Olufemi Orunsola

The Central Bank of Nigeria (CBN) has debunked a fake news alleging that the apex bank has introduced N5,000 and N10,000 currency notes in the country.

OTN News reports that the apex bank has officially debunked the fake news via its swift reaction to a circular that surfaced on Whatsapp and got circulated on some social media platforms during the week, claiming that the bank has introduced the new currency notes into the market for public use.

According to the fake circular, the new notes are to be circulated from May 1, 2025.

The CBN, in a post sighted on its official X handle during the week, clarified that the circular did not originate from the bank, affirming that the said circular was fake.

The fake circular reads in part that, "The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 bankrotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management."

“According to the Deputy CBN Governor, Dr. Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”

The apex bank therefore urged the public to refer only to the official CBN website (cbn.gov.ng) for authentic information.

The apex financial regulatory body stated that, “The content is not from the Central Bank of Nigeria", advising all members of the public to kindly note that the official website of the CBN is cbn.gov.ng,”