The Central Bank of Nigeria (CBN) has firmly debunked reports circulating on social media and other platforms suggesting the introduction of new ₦5,000 and ₦10,000 banknotes. The apex bank dismissed the claims as baseless misinformation aimed at misleading the public.
Speculation had been rife that the CBN planned to roll out the high-denomination notes to streamline cash transactions, reduce handling costs, and improve liquidity management. Some reports even attributed the supposed policy shift to a fictitious Deputy Governor, Dr. Ibrahim Tahir Jr., alleging that the notes would be in circulation by May 1, 2025.
However, in a swift rebuttal, the CBN categorically denied any such move. In an official statement, the bank clarified: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The false reports have sparked reactions among Nigerians, with some expressing concerns over potential inflationary pressures should such high-value denominations be introduced. Meanwhile, financial analysts have cautioned the public to rely only on verified sources for updates on monetary policies to avoid falling victim to misinformation.
As Nigeria continues navigating economic reforms, the CBN remains steadfast in its commitment to ensuring transparency in its financial policies while combating the spread of misleading information.
PIONEER NEWS 