CBN DEBUNKS REPORTS OF N5,000, N10,000 BANKNOTES

The Central Bank of Nigeria (CBN) has denied claims that it introduced N5,000 and N10,000 banknotes, calling the reports false.

In a statement on X on Wednesday, the apex bank dismissed the rumors, clarifying: "This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng."

The clarification follows widespread misinformation suggesting the CBN planned to introduce higher denominations to cut cash-handling costs and improve liquidity management.

Some false reports even attributed statements to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., alleging the notes would be launched on May 1, 2025.