CBN Clarifies False Reports About ₦5,000 And ₦10,000 Banknotes

CBN Debunks Fake News About New High-Denomination Banknotes

Listen up, everyone. The Central Bank of Nigeria (CBN) wants to set the record straight about something that's been floating around online. Contrary to what you might have read or heard, the CBN has categorically denied introducing new ₦5,000 and ₦10,000 banknotes. This is big news because, well, it’s not true news at all. In a statement shared on their official social media channels, the apex bank described the claims as completely fabricated and urged Nigerians to ignore such misleading information.

Don't Fall for Fake Reports

Here’s the deal: The CBN made it crystal clear that the content spreading these rumors didn’t come from them. They even went a step further to remind everyone that their official website is cbn.gov.ng. That’s where you should go if you want accurate, verified information. So, if you see anything else claiming to be from the CBN, double-check before you believe it.

In a subsequent statement, the communications department of the CBN reiterated the importance of relying only on official channels for updates. They emphasized that any statement not originating from their department or the official website is bogus and shouldn’t be trusted.

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No Such Deputy Governor Exists

Now, here’s another twist in the story. The CBN also debunked the existence of a “Deputy Governor” named Ibrahim Tahir Jr., who was supposedly quoted in the fake report. The bank stated emphatically, “There is no Deputy Governor by such name at the CBN. We are investigating the source of this fake content.” It’s a reminder that we should always verify the credibility of sources, especially when it comes to sensitive issues like currency changes.

Untrue Claims About New Banknotes

Let’s break down the false claims that were making the rounds on social media. Some people were saying that these alleged new banknotes were being introduced to cut down on cash-handling costs and make transactions smoother. But guess what? That’s not true. The fake report even quoted the nonexistent “Deputy Governor” saying, “The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash.” Sounds convincing, right? But it’s all fake.

Portraits and Security Features: All Fiction

The fabricated story didn’t stop there. It claimed that the new ₦5,000 note would feature the portrait of Obafemi Awolowo, while the ₦10,000 note would showcase Nnamdi Azikiwe. The report suggested this was a way of honoring their contributions to Nigeria’s development. It also mentioned that the notes would come with advanced security features, like color-changing ink, holograms, and anti-counterfeiting technology. Sounds impressive, but again, it’s all made-up nonsense.

Rollout Dates? Not Happening

Finally, the fake report went as far as claiming that the rollout of these new notes would start on May 1, 2025. It even said that commercial banks would be instructed to distribute them through ATMs and over-the-counter transactions. But here’s the bottom line: none of it is real. The CBN has not announced any such plans, and anyone spreading this information is either misinformed or intentionally misleading others.

So, the next time you see something online that seems too good—or too shocking—to be true, take a moment to fact-check. Trust me, your wallet will thank you for it.