Abuja, Nigeria – April 3, 2025
The Central Bank of Nigeria (CBN) has officially debunked rumors circulating about the introduction of new N5,000 and N10,000 banknotes, calling the claims “entirely false and misleading.”
In a statement released on April 2, the CBN reaffirmed that it has no plans to introduce higher denomination banknotes and urged the public to disregard the reports. According to the bank, any official changes to Nigeria’s currency structure would be communicated through its verified channels and website (cbn.gov.ng).
“The attention of the Central Bank of Nigeria has been drawn to false reports suggesting the introduction of N5,000 and N10,000 notes. We categorically state that these claims are baseless and should be ignored,” the statement read.
The misinformation had suggested that the new notes would feature portraits of Nigerian historical figures, including Chief Obafemi Awolowo and Dr. Nnamdi Azikiwe. Reports also falsely claimed that the move was aimed at improving liquidity management and reducing the cost of cash transactions. However, the CBN has dismissed these assertions, reiterating that there are no such plans in place.
Economic analysts note that an introduction of higher denominations could potentially impact inflation rates and cash circulation, raising concerns about its economic implications. However, as of now, the CBN maintains that no such policy is under consideration.
The central bank encourages Nigerians to verify financial news from official sources before spreading unconfirmed reports. Citizens are advised to stay informed through the CBN’s official website and media channels to avoid misinformation.
