CBN debunks rumours of introducing new N5,000, N10,000 notes

Abdullateef Fowewe

The Central Bank of Nigeria has refuted claims circulating on social media that it plans to introduce new N5,000 and N10,000 notes.

There are no current plans for such denominations, the CBN stated.

A statement circulated early Wednesday, saying the CBN planned to introduce N5,000 and N10,000 new notes.

The now proven to be a false statement said, “The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – ₦5,000 and ₦10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management.

“According to the Deputy CBN Governor, Dr. Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”

However, the CBN in post on its X (formally Twitter) handle on Wednesday, emphasised that any official announcements will be made through its official channels.

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.”

Meanwhile, the bank continues to focus on managing existing denominations, with old N200, N500, and N1,000 notes remaining valid alongside the redesigned versions.