CBN debunks fake reports on introduction of ₦5,000, ₦10,000 banknotes
BY TEMITOPE ADEBAYO
The Central Bank of Nigeria (CBN) has dismissed as false the viral reports claiming it has introduced new ₦5,000 and ₦10,000 banknotes, warning the public against spreading misinformation.
The fake report, which surfaced online, alleged that the CBN had launched the high denomination notes to enhance cash transactions and reduce handling costs, with an expected rollout date of May 1, 2025. The false statement even quoted a non-existent Deputy Governor, Dr. Ibrahim Tahir Jr., further casting doubt on its credibility.
In an official response, the CBN clarified that no such currency denominations have been introduced and that any official announcement regarding new banknotes would come directly from its verified communication channels.
“For the record, the CBN has not introduced any ₦5,000 or ₦10,000 banknotes. We urge the public to disregard such misinformation and verify all financial news through our official website and authorized statements,” the bank stated.
The apex bank reiterated its commitment to transparency and urged Nigerians to remain cautious of fake news that could mislead the public and cause unnecessary panic in the financial sector. The CBN further confirmed that it is investigating the source of the fabricated report and will take appropriate action against those responsible for its circulation.
READ ALSO: Christian group faults Sultan on non-indigeneship
It is, however, worthy of not that the most recent change occurred in October 2022, when the Central Bank of Nigeria (CBN) announced the redesign of the N200, N500, and N1,000 banknotes, which were subsequently introduced into circulation in December 2022.
Initially, there was a deadline set for phasing out the old versions of these denominations. However, the CBN has since clarified that both the old and redesigned N200, N500, and N1,000 notes will continue to be legal tender indefinitely, following a Supreme Court ruling on November 29, 2023.
Therefore, no new naira denominations have been launched recently, and both old and redesigned versions of the specified banknotes remain valid for all transactions.
