The Central Bank of Nigeria (CBN) has debunked circulating reports claiming that it has introduced new ₦5,000 and ₦10,000 banknotes.
The apex bank, in a post on its x page on April 2, 2025, clarified that the news making rounds on social media did not originate from the institution.
CBN however urged the public to verify information from the bank’s official website, www.cbn.gov.ng, and disregard any unconfirmed reports about new currency denominations.
The fake media statement which was purportedly signed by Dr. Ibrahim Tahir Jr. Deputy Governor, Central Bank of Nigeria announced the introduction of ₦5,000 and ₦10,000 banknotes, set to enter circulation on May 1, 2025.
” The move is part of efforts to streamline cash transactions and improve liquidity management within the economy.”
“The new denominations, according to Deputy CBN Governor Dr. Ibrahim Tahir Jr., aim to ease cash-handling challenges and provide a more efficient means for high-value transactions. “The introduction of these higher denominations aligns with global best practices and will help in reducing the burden of carrying large amounts of cash,” Dr. Tahir stated.”
“The ₦5,000 note will feature the portrait of Chief Obafemi Awolowo, while the ₦10,000 note will honor Dr. Nnamdi Azikiwe. The CBN noted that both figures were selected in recognition of their immense contributions to Nigeria’s socio-political and economic development.”
“Furthermore, the new banknotes will incorporate enhanced security features such as color-changing ink, holograms, and advanced anti-counterfeiting technology to prevent replication.”
“Commercial banks have been instructed to begin issuing the new notes via ATMs and over-the-counter transactions from May 1, 2025. Nigerians are also advised to exchange their old Naira notes at banks before June 30, 2025, as the lower denominations may be gradually phased out.”
“For further details, the CBN has directed citizens to visit its official website at www.cbn.gov.ng/newcurrency
