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INTRODUCTION TEN THOUSAND AND FIVE THOUSAND NAIRA NOTE
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Eghosa Osagiede
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Apr 4, 2025
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10 Views
Nigeria introduces ₦5,000, ₦10,000 notes? CBN gives fresh update
The Central Bank of Nigeria (CBN) has officially refuted claims regarding the introduction of ₦5,000 and ₦10,000 banknotes. These reports, which gained traction through a purported CBN circular, have been labeled as false by the apex bank.
The misleading circular suggested that the new denominations would feature portraits of Chief Obafemi Awolowo on the ₦5,000 note and Dr. Nnamdi Azikiwe on the ₦10,000 note, with circulation commencing on May 1, 2025. It also falsely attributed statements to a supposed Deputy CBN Governor, Dr. Ibrahim Tahir Jr., regarding the rollout of these notes.
In response, the CBN clarified via its official X (formerly Twitter)
"This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.
This statement underscores the importance of verifying information through official channels to prevent the spread of misinformation. The CBN's prompt clarification aims to maintain public trust and ensure accurate communication regarding Nigeria's monetary policies.
It's noteworthy that in 2022, the CBN undertook a redesign of the ₦200, ₦500, and ₦1,000 notes as part of efforts to curb counterfeit currency and enhance the efficiency of cash transactions. However, as of now, there are no plans to introduce ₦5,000 or ₦10,000 denominations.
The Central Bank of Nigeria (CBN) has officially refuted claims regarding the introduction of ₦5,000 and ₦10,000 banknotes. These reports, which gained traction through a purported CBN circular, have been labeled as false by the apex bank.
The misleading circular suggested that the new denominations would feature portraits of Chief Obafemi Awolowo on the ₦5,000 note and Dr. Nnamdi Azikiwe on the ₦10,000 note, with circulation commencing on May 1, 2025. It also falsely attributed statements to a supposed Deputy CBN Governor, Dr. Ibrahim Tahir Jr., regarding the rollout of these notes.
In response, the CBN clarified via its official X (formerly Twitter)
"This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.
This statement underscores the importance of verifying information through official channels to prevent the spread of misinformation. The CBN's prompt clarification aims to maintain public trust and ensure accurate communication regarding Nigeria's monetary policies.
It's noteworthy that in 2022, the CBN undertook a redesign of the ₦200, ₦500, and ₦1,000 notes as part of efforts to curb counterfeit currency and enhance the efficiency of cash transactions. However, as of now, there are no plans to introduce ₦5,000 or ₦10,000 denominations.