CBN Finally Speaks On Release Of New N5,000, N10,000 Notes, Declares Highest FX Reserves In 3 Years
- The Central Bank of Nigeria (CBN) has denied reports circulating on social media that it has issued N5,000 and N10,000 banknotes
- The bank disclosed its X handle that the content was fake and asked Nigerians to disregard the report as fake
- The fake content said the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of handling large transactions
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Central Bank of Nigeria has dismissed the purported release of new N5,000 and N10,000 banknotes, calling it false.
The bank disclosed in a statement on X, saying the content was not from the apex bank.
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CBN denies fake N5,000, N10,000 banknotes
The CBN statement read:
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
A release from CBN’s communications department revealed that the only official sources for releasing statements to the public through the media are its website or statements from its department.
CBN stated that it is investigating the source of the fake content.
However, the fake content quoted one Ibrahim Tahir, CBN’s deputy governor, as saying the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
The fake content read:
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash.”
Fake content sounded authentic
However, the CBN said there is no such name in its leadership.
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The new banknotes featured Chief Obafemi Awolowo on the N5,000 note, while the N10,000 note had Nnamdi Azikiwe, both prominent Nigerian leaders.
The fake report said the new notes will incorporate enhanced security features, including colour-changing ink, holograms, and anti-counterfeiting technology to make them impossible to replicate.
The misleading report also stated that the nationwide rollout was set for May 1, 2025, with commercial banks asked to begin issuance of the new banknotes via ATMs and over-the-counter transactions.
CBN once denied circulation of N2,000 banknotes
This would not be the first instance of fake banknotes that the CBN had had to deal with.
In 2020, similar false reports surfaced, accompanied by doctored videos and images, purportedly showing N2,000 and N5,000 banknotes in circulation.
In response, the CBN swiftly debunked the claims, reaffirming that no such denominations exist.
Furthermore, the CBN called on the public to report any individuals found in possession of such counterfeit notes to law enforcement agencies.
CBN announces highest FX reserves in three years
The development comes as the financial system regulator announced a net FX reserve of $23.11 billion, the highest in three years.
According to a statement from the apex bank, the NFER amount was the highest level of FX accruals in three years, relative to $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
The earnings show an improvement in Nigeria’s external liquidity, reduced short-term obligations, and increased investor confidence.
CBN governor explains why reserves grew
Nigeria’s gross external reserves also rose to $40.19 billion in the review period, relative to $33.22 billion in 2023.
The CBN governor, Olayemi Cardoso, declared that the improved net FX reserves were due to deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying a solid foundation for long-term stability.
According to Cardoso, the bank remains focused on sustaining the progress via transparency, discipline and market-centric reforms.
NFER is regarded as a more authentic indicator of foreign exchange defence available to meet immediate external obligations.
CBN releases new exchange rates
Legit.ng earlier reported that the Nigerian currency, the naira, crashed again in the official Nigerian Foreign Exchange Market (NFEM) for the second consecutive day on Thursday, March 27, 2025.
The local currency shed N1 from its value, trading at N1,537.66 per dollar from N1,536 it traded the previous day.
The naira experienced a slight volatility in the FX market after demand for the US dollar resurfaced amid reforms by the Central Bank of Nigeria (CBN).
This article has been updated by head of business desk, Victor Enengedi, with additional information.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
