Fat Lie! We are Not Introducing N5,000 and N10,000 banknotes

Fat Lie! We are Not Introducing N5,000 and N10,000 banknotes

The fear that inflation inn the country might be worsened if the report that the Central Bank of Nigeria (CBN) wanted to introduce introduced new N5,000 and N10,000 banknotes has disappeared. Reason, the apex bank has waved off the report as the figment of the writers’ imagination.

“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” CBN stated in the post where it labelled the report and the claimed banknotes as fake.

The writers of the fake report quoted one Deputy CBN Governor, Ibrahim Tahir Jr, who said the move is aimed at “reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.”

The report, which appeared to have been shared multiple times on WhatsApp, partly read, “CBN Announces New N5,000 & N10,000 Notes. In a bid to reduce cash handling challenges, the Central Bank of Nigeria (CBN) has introduced new N5,000 and N10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025.

“CBN unveils new N5,000 and N10,000 banknotes to enhance cash transactions. Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 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.”

Meanwhile, a statement from the CBN’s communications department said there was no deputy governor by such a name and that it is investigating the source of the fake content.