BY: Mustapha Lawal
Claim:
CBN has introduced N5,000 and N10,000 banknotes.
Verdict:
False. The Central Bank of Nigeria (CBN) has publicly debunked this claim and clarified that no such denominations have been introduced.
Full text:
Multiple posts circulating on Facebook and WhatsApp claim that the Central Bank of Nigeria (CBN) has officially introduced new N5,000 and N10,000 notes, featuring iconic national figures such as Nnamdi Azikiwe and Obafemi Awolowo. This claim can be found here, here, here, here, here, here, here, here, here, here, here, here and here.
The viral message was accompanied by AI-generated mockups of the supposed N5,000 and N10,000 notes, claims the new currency features advanced security elements such as color-changing ink, holograms, and anti-counterfeiting technology. It further alleges that old banknotes will soon be withdrawn and replaced by these higher denominations.
These posts allege that the notes, set to begin circulation on May 1, 2025, are part of efforts to streamline cash transactions, improve liquidity management, and phase out lower denominations by June 30, 2025.
In December 2024, the CBN had already cautioned Nigerians against falling for fake news about plans to phase out old naira notes, stressing that all current naira notes remain legal tender and no redesign or withdrawal had been announced. The recent hoax builds on that earlier wave of misinformation, now falsely claiming new notes are being introduced instead.
FactCheckAfrica investigated this claim as currency redesigns significantly impact economies and the public. Disinformation around such sensitive topics can cause panic, unnecessary bank visits, and erosion of public trust. The proliferation of these claims, as seen here, here, and here, underscores the need for vigilance and digital literacy.
Verification:
FactCheckAfrica reviewed official CBN communication channels and found no announcements or press releases supporting this claim. Instead, on 2 April 2025, the CBN released a disclaimer via its verified social media handles, firmly disowning the viral content:
“This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is www.cbn.gov.ng” (source).
Screenshot of the CBN disclaimer ||FCA
Moreover, no credible Nigerian media outlet reported on the purported currency redesign—an event that would certainly dominate news cycles if true. The absence of coverage across platforms such as The Punch, Premium Times, or Channels TV further confirms the falsehood of the claim.
Conclusion
The Central Bank of Nigeria has not introduced new N5,000 or N10,000 naira notes, and there is no official plan to phase out existing denominations. The viral posts are part of a coordinated spread of false information. Nigerians are advised to rely solely on CBN’s official platforms for updates related to national currency and monetary policy.
