Monetary Myth Busted: CBN Denies Plans For Higher-Denomination Naira Notes

In an official statement shared on its social media account on Wednesday, the apex bank labeled the circulating information as “fake” and advised Nigerians to disregard it. The CBN emphasized, “The content is not from the Central Bank of Nigeria. Please note that our official website is cbn.gov.ng.”

Further clarifying the situation, the CBN’s communications department stated that only information from the official website or authorized statements from their department should be considered legitimate.

Additionally, the bank dismissed claims involving a supposed “Deputy Governor” named Ibrahim Tahir Jr., stating, “There is no Deputy Governor by such name at the CBN. An investigation into the source of this fake content is underway.”

The misleading report, which gained traction on social media, alleged that the new banknotes were being introduced to reduce cash-handling expenses and make transactions more efficient. It falsely attributed a statement to the “Deputy Governor,” claiming that the new denominations align with global practices and would reduce the burden of carrying large sums of cash.

The fabricated news also inaccurately stated that the ₦5,000 note would feature the portrait of Obafemi Awolowo, while the ₦10,000 note would display Nnamdi Azikiwe, as a tribute to their contributions to Nigeria’s progress.

Moreover, the report falsely mentioned that the new notes would include advanced security features such as color-changing ink, holograms, and anti-counterfeiting technology, with the rollout supposedly beginning on May 1, 2025, through commercial banks’ ATMs and over-the-counter transactions.