CBN Caught in Currency Scandal? Denies Plans for N5,000, N10,000 Notes

The Central Bank of Nigeria (CBN) has come under intense scrutiny after a viral report claimed it had introduced N5,000 and N10,000 banknotes to ease cash transactions—an allegation the apex bank has swiftly dismissed as false.

In a strongly worded statement on Wednesday, posted on its official X handle, the CBN labeled the report as “fake news” and urged Nigerians to disregard it. However, the emergence of such a detailed report, complete with an alleged Deputy CBN Governor’s statement, has raised suspicions about possible internal leaks or a deliberate misinformation campaign.

“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the bank’s statement read. In an additional clarification, the CBN’s communications department categorically denied the existence of any Deputy Governor named Ibrahim Tahir Jr., the supposed source of the report.

The controversial report had claimed that the new high-value denominations were designed to reduce cash-handling costs and provide Nigerians with more efficient means of conducting large transactions. It even suggested that the N5,000 note would feature Chief Obafemi Awolowo, while the N10,000 note would bear the image of Dr. Nnamdi Azikiwe, sparking a wave of public reactions.

Despite the CBN’s strong denial, questions linger over how such detailed misinformation spread so quickly, with some analysts speculating that elements within the banking sector or political actors may have been behind it. As investigations into the fake report continue, Nigerians remain divided—some believing the CBN’s denial, while others suspect the bank may be testing the waters for a controversial currency introduction.