CBN Denies Introduction of N5,000, N10,000 Banknotes, Calls Report Fake

The Central Bank of Nigeria (CBN) has dismissed reports claiming it introduced N5,000 and N10,000 banknotes, labeling the information as false and misleading.

In a statement shared on its official X account on Wednesday, the apex bank urged Nigerians to disregard the claims, emphasizing that all official communications come directly from its website or authorized personnel.

“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.

The bank’s communications department further clarified that there is no Deputy Governor by the name cited in the false report and that an investigation is underway to identify the source of the misinformation.

The fake report, which circulated online, falsely attributed statements to a non-existent CBN official, alleging that the high-value banknotes were introduced to ease cash transactions and reduce handling costs. It also claimed that the N5,000 note would feature Chief Obafemi Awolowo, while the N10,000 note would bear the image of Dr. Nnamdi Azikiwe.

The CBN reaffirmed that it has no plans to issue these denominations and urged the public to rely on verified sources for accurate information regarding Nigeria’s currency policies.