Economy

CBN Clears Air As N5,000, N10,000 Banknotes Go Viral

BySodiq Lawal

PublishedApril 3, 2025

The Central Bank of Nigeria (CBN) has swiftly dismissed the viral reports circulating on social media about the introduction of new N5,000 and N10,000 banknotes.

The report, which claimed that the apex bank was set to roll out these new denominations in May 2025, has been labelled as fake by the CBN.

In a post shared on its official Instagram page, the CBN clarified that the circulating content did not originate from the bank, urging the public to rely on verified sources for such important information.

The post also stressed that the official website of the CBN remains cbn.gov.ng, where updates and announcements are published.

The report, which gained traction on WhatsApp, cited an alleged Deputy Governor, Ibrahim Tahir Jr, claiming that the new notes were introduced to reduce cash-handling costs and facilitate large transactions across the country.

The report also stated that the new denominations would feature iconic Nigerian leaders, further fuelling its spread.

However, the CBN has categorically refuted the existence of such a deputy governor, calling the content misleading and a fabrication.

The communications department of the CBN has since launched an investigation to uncover the source of the fake news and to ensure that such falsehoods do not continue to mislead the public.

The CBN, however, urged Nigerians to remain cautious and to disregard the baseless claims about the new banknotes.

Sodiq Lawal

Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.