Nigeria's CBN Calls 5,000 and 10,000 Naira Banknote Report 'Fake News'

The Central Bank of Nigeria (CBN) has dismissed as fake news a report stating it issued ₦5,000 and ₦10,000 banknotes to enhance cash transactions. The CBN said the report, circulating on social media and claiming the new banknotes would become legal tender on May 1, 2025, did not originate from its official website. The report, which purported to quote CBN Deputy Governor Ibrahim Tahir, claimed the new banknotes would reduce cash-handling costs and provide Nigerians with more efficient means of conducting large transactions. However, in an alert issued via its X account, the CBN branded the report “fake content” and directed followers to rely on information issued via its official website.