The Central Bank of Nigeria (CBN) has dismissed recent claims that it is set to introduce new N5,000 and N10,000 banknotes.
In a statement, the apex bank described the reports as false and clarified that no such plans are in place.
There had been widespread speculation suggesting that the CBN was preparing to release higher-denomination notes to improve cash transactions, reduce cash-handling costs, and enhance liquidity management.
Some reports even attributed the announcement to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., with claims that the new notes would be released on May 1, 2025.
However, posting the reports on its X page, the CBN wrote: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”