Fact-Check: Has CBN Introduced New ₦5,000, ₦10,000 Notes to Start Circulation on May 1st?

Fact-Check: Has CBN Introduced New ₦5,000, ₦10,000 Notes to Start Circulation on May 1st?

‎Claim: Social media posts, particularly on Facebook and X, claimed that the Central Bank of Nigeria (CBN) has introduced new ₦5,000 and ₦10,000 banknotes featuring iconic Nigerian leaders. The purported objective is to reduce challenges associated with physical cash transactions. According to the posts, the new notes are expected to enter circulation starting May 1, 2025.

‎The text accompanying the image reads in parts:

The message dated April 2, 2025, and attributed to the CBN, claims that the Apex Bank has “officially announced” the introduction of two new denominations, ₦5,000 and ₦10,000,  as part of its efforts to streamline cash transactions and improve liquidity management.

According to the statement, allegedly signed by Deputy CBN Governor, Dr. Ibrahim Tahir Jr., the introduction of the high-value notes aims to reduce the cost of cash handling and enable Nigerians to carry out large transactions more conveniently. The statement further adds that the initiative aligns with global best practices and is intended to enhance economic activity.

The ₦5,000 note is said to feature a portrait of Chief Obafemi Awolowo, while the ₦10,000 note would reportedly depict Dr. Nnamdi Azikiwe, in honor of their contributions to Nigeria’s development. It also highlights enhanced security features such as color-changing ink, holograms, and anti-counterfeiting technology.

‎The release states that the new notes will be rolled out nationwide beginning May 1, 2025, and commercial banks have been directed to issue them via ATMs and over-the-counter services. It also advises Nigerians to exchange their old naira notes by June 30, 2025, after which lower denominations may be gradually phased out.

‎A link to a supposed official page cbn.gov.ng/newcurrency, and sample images of the notes are also included in the message.

‎Historical Background on the Introduction of New Banknotes:

‎The Central Bank of Nigeria (CBN) is responsible for issuing and managing the naira, Nigeria’s national currency. Through its Currency Operations Department, the CBN oversees the design, production, distribution, and disposal of banknotes and coins.

‎Since the naira’s introduction in 1973, several denominations have been added: ₦50 in 1991, ₦100 in 1999, ₦200 in 2000, ₦500 in 2001, and ₦1,000 in 2005. The ₦1,000 note includes advanced security features such as a reflective strip and color-shifting shapes.

‎In 2007, new polymer versions of ₦5 to ₦50 banknotes were introduced, with the ₦20 note being the first polymer note. By 2009, the ₦5, ₦10, and ₦50 notes were also converted to polymer. A special ₦100 commemorative note was issued in 2014 for Nigeria’s centenary celebration, featuring a QR code linking to historical content.

In 2022, the CBN announced plans to redesign higher denomination notes to combat counterfeiting and support the implementation of a central bank digital currency. These redesigned notes were introduced in December 2022, with old notes to be returned to the banks by early 2023. However, the rollout led to a cash crunch and public protests.

‎Despite these challenges, the CBN has remained committed to maintaining the stability and integrity of the naira through periodic updates in currency design and security.

‎Verification: To verify the authenticity of the circulating claim, PRNigeria‘s fact-check team conducted a reverse image search and traced the origin of the posts to early April 2025, particularly on platform X (formerly Twitter).

‎Further investigation revealed that the circular attributed to this claim lists a “Dr. Ibrahim Tahir Jr.” as the CBN Deputy Governor in charge of Currency Operations. However, a check on the CBN’s official website and public records of its leadership shows no such individual exists in any capacity—past or present.

The Central Bank of Nigeria has four deputy governors, and their names are publicly listed. None of them is named Ibrahim Tahir Jr. 

Furthermore, the viral images of the supposed ₦5,000 and ₦10,000 notes shared across social media platforms, particularly WhatsApp, Facebook, and Instagram, appear to be poorly designed mockups.

A closer analysis by PRNigeria Fact Check noted the following red flags:

• Inconsistent font and layout compared to legitimate naira notes.

• Absence of critical security features, such as:
  • Watermarks

  • Security threads

  • Raised printing

  • Color-shifting ink

• Some images bore photoshopped elements taken from older naira notes or foreign currencies.

• The colors used were too vibrant or digitally enhanced, a clear departure from the subtle color tones of real banknotes.
  

Simalarly, the Central Bank of Nigeria operates within a strict framework of policy communication. Any major decision, especially concerning currency issuance, is always disseminated through multiple official channels, including:

• CBN’s official website

• Verified social media handles (e.g., @cenbank on X/Twitter)

• Official press conferences and press releases

• National newspapers and financial media outlets

As of the time of this fact-check, no such announcement has been made on any of these platforms. 

Meanwhile, the CBN has actively debunked the rumor, issuing a direct statement and urging the public to disregard the viral content. The CBN stated:

‎“This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

‎Conclusion: Findings by PRNigeria’s fact-check established that the claim regarding the CBN introducing new ₦5,000 and ₦10,000 banknotes is misleading. The viral statement is not from the CBN, and the Apex Bank has officially disclaimed any connection to it.

‎Verdict: PRNigeria therefore concludes that the claim is FALSE!

By PRNigeria