CBN Denies Introduction of New Banknotes; Details revealed

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The Central Bank of Nigeria (CBN) has debunked a report circulating on social media claiming that it has introduced new N5,000 and N10,000 banknotes. In a statement posted on its Instagram page, the CBN described the report as “fake” and clarified that it did not originate from the bank.

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“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is (link unavailable),” the apex bank stated

The fake report, which was widely shared on WhatsApp, quoted a supposed Deputy CBN Governor, Ibrahim Tahir Jr, as saying that the introduction of the new banknotes was aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.

However, the CBN’s communications department has denied the existence of a deputy governor by that name and has launched an investigation into the source of the fake content.

“We are investigating the source of this fake news and will take necessary actions to prevent such misinformation in the future,” the CBN stated.

The bank urged Nigerians to be cautious and verify information through its official channels before sharing or acting on it.

The fake report had claimed that the new banknotes would be in circulation from May 1, 2025, and would feature iconic Nigerian leaders.

The CBN’s swift denial of the report has helped to calm nerves and prevent any potential disruption to the financial system.

The bank’s commitment to transparency and communication has been commendable, and its efforts to combat misinformation are laudable

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