CBN opens up on Introducing New N5000, N10000 Notes

The Central Bank of Nigeria (CBN) has denied introducing new N5,000 and N10,000 notes, describing the reports as false.

There has been widespread reports that the CBN had unveiled the high-denomination bank notes to enhance cash transactions.

The report said the apex bank was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.

Some of the reports attributed the introduction of the new notes to a supposed Deputy Governor, Dr Ibrahim Tahir Jr.

It was reported that the new notes would be released from May 1, 2025.

“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development. Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.

However, in a post on its official X handle, formerly Twitter, the apex bank said, “The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”

This is not the first time the CBN has faced challenges related to Nigeria’s currency management.

In 2023, the bank dealt with controversies surrounding the redesign of the N200, N500, and N1,000 notes. These reforms aimed to modernize currency usage but sparked nationwide debates over accessibility and implementation.

Later that year, the CBN raised concerns about the circulation of counterfeit banknotes, particularly higher denominations.

These fake naira notes were reportedly used in food markets and commercial centers in major cities across Nigeria.

At the time, Mrs. Hakama Sidi Ali, Acting Director for Corporate Communications at the CBN, warned that falsifying or counterfeiting any CBN-issued note or coin is a criminal offense punishable by at least five years imprisonment.

She reassured the public that the CBN remains in active collaboration with security and financial agencies to combat counterfeit operations and ensure the integrity of Nigeria’s currency system.