The Central Bank of Nigeria (CBN) has dismissed a circulating online report claiming that the introduction of N5,000 and N10,000 banknotes is aimed at facilitating cash transactions. The apex bank labeled the report as fake and urged Nigerians to disregard the information.

In a statement posted on its official X (Twitter) handle, the CBN clarified that the content did not originate from them and directed the public to its official website, cbn.gov.ng, for accurate information.

A follow-up statement from the CBN’s Communications Department emphasized that only official statements from their website or media department should be trusted. The CBN also clarified that no deputy governor named Ibrahim Tahir Jr. exists, as mentioned in the fake report, and assured the public that investigations are underway to trace the source of the misinformation.

The fake report falsely claimed that the introduction of the N5,000 and N10,000 notes would reduce cash-handling costs and facilitate large transactions. It also mentioned that the new banknotes would feature portraits of Chief Obafemi Awolowo and Dr. Nnamdi Azikiwe, with enhanced security features, and would begin circulation from May 1, 2025.

The CBN has made it clear that this information is entirely false and urged the public to rely solely on official communications for accurate updates.