By Mike Abbah
The Central Bank of Nigeria (CBN) has debunked the story making the rounds that it has introduced new N5,000 and N10,000 notes, “in a bid to reduce cash handling challenges”.
Reacting to the story circulating in the social media to the effect that the apex bank has unveiled two new higher denomination bank notees, CBN described the story as fake.
The social media was awash with the story of the introduction of new bank notes with purported images attached to it claiming that it would take effect from May 1, 2025.
Part of the text of the fake story claims that “The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – ₦5,000 and ₦10,000 banknotes; 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 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 ₦5,000 note will feature the portrait of Chief Obafemi Awolowo, while the ₦10,000 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 nationwide rollout will begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.
Nigerians are advised to exchange their old Naira notes at banks before June 30, 2025, after which lower denominations may be phased out gradually.”
The CBN urged members of the public to ignore the trending story and to exercise caution.
