The Central Bank of Nigeria (CBN) has debunked report circulating online that it has officially introduced two new denominations – ₦5,000 and ₦10,000 banknotes.
A statement surfaced online on Tuesday credited to the Deputy CBN Governor Ibrahim Tahir Jr that the apex introduced the new notes as part of ongoing efforts to streamline cash transactions and improve liquidity management.
“According to the statement 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.
Reacting in a comment on its verified social media pages on Wednesday, the bank posted a screenshot of the statement saying it is a fake content.”
It says, “This content is NOT from the Central Bank of Nigeria.
Kindly note that the official website of the CBN is cbn.gov.ng.”
