The introduction of new N5,000 and N10,000 notes has been rejected by the Central Bank of Nigeria (CBN).
According to CBN, the claims were untrue.
Several reports said that the CBN introduced the high-denomination banknotes to improve cash transactions.
The report said the top bank planned to launch the new notes to lower the expenses associated with processing currency and enhance liquidity control.
Some of the reports attributed the introduction of the new notes to a supposed Deputy Governor, Dr Ibrahim Tahir Jr.
It was reported that the new notes would be released on May 1, 2025.
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However, posting the reports on its X page, the CBN wrote: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
