As per dispatches from Vanguard on Wednesday, April 2, the Central Bank of Nigeria (CBN) has dismissed prevalent rumors regarding the launch of new N5,000 and N10,000 notes, categorizing the assertions as completely untrue.

In a declaration released on Wednesday via the official X account, the CBN clarified that the disseminated information did not originate from the bank. “This content is NOT from the Central Bank of Nigeria,” the statement asserted, addressing the inaccurate claims that have caused confusion among the populace.

The speculation indicated that the CBN was intending to initiate high-denomination currency notes as part of a strategy to decrease cash-handling expenses and enhance liquidity management within the economy. Some of the erroneous reports even went so far as to quote an alleged Deputy Governor of the CBN, Dr. Ibrahim Tahir Jr. , claiming that the new banknotes would be introduced on May 1, 2025.

Nevertheless, the CBN promptly clarified that these reports had no factual foundation, underscoring that the information was contrived. This clarification arises in response to the escalating misinformation, which had incited concerns regarding the future of Nigeria’s currency system.

The CBN has consistently reaffirmed its dedication to upholding financial stability and transparency in its operations, and this recent refusal further exemplifies its position against the proliferation of false and misleading information. The bank has assured the public that any substantial alterations to the nation’s currency or financial policies would be officially communicated through recognized channels.

As the Nigerian economy continues to navigate intricate financial dynamics, the CBN’s role in regulating monetary policy remains pivotal. The public is urged to exercise caution in accepting or disseminating unverified information, particularly concerning significant matters such as currency issuance.