According to the reports, the CBN was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.
The Central Bank of Nigeria (CBN) has refuted claims that it has introduced new ₦5,000 and ₦10,000 notes, describing the reports as false.
This comes after widespread misinformation suggested that the apex bank had unveiled the high-denomination banknotes to enhance cash transactions.
According to the reports, the CBN was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.
Some of these claims even attributed statements to a supposed Deputy Governor, Dr Ibrahim Tahir Jr., regarding the rollout of the notes from May 1, 2025.
However, the CBN has denied these reports, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”