The Central Bank of Nigeria (CBN) has denied reports that it will introduce N5,000 and N10,000 banknotes, calling the claim false.
Strong rumours circulated on social media platforms, including WhatsApp and Facebook, that the new notes would go into circulation on May 1 to improve cash transactions and liquidity.
The false report also claimed that a Deputy Governor, Dr. Ibrahim Tahir Jr., supported the move to cut cash-handling costs and make large transactions easier.
However, the CBN dismissed the claim in a statement on its official X (formerly Twitter) account, warning the public not to believe unverified news.
This rumour comes at a time when many Nigerians remain cautious about changes to their money. The country is still recovering from last year’s naira redesign, which aimed to replace old banknotes with new N200, N500, and N1,000 bills.
That policy led to a severe cash shortage, long queues at banks, and economic struggles for both businesses and individuals. Because of this, any talk of new banknotes can cause worry, especially as the country faces rising prices, a weak currency, and other financial challenges.
In response, the CBN urged Nigerians to check financial news on its official website (cbn.gov.ng) instead of spreading false information.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement said.
The bank also warned that spreading fake news about money policies can harm the economy and weaken public trust.
As Nigeria works through its financial difficulties, the CBN stressed the need for clear and truthful communication to keep confidence in the banking system strong.
