The Central Bank of Nigeria declared as fake a report that it had introduced new N5,000 and N10,000 banknotes.

In a post on its Instagram page, the bank said that the report did not originate from CBN.

The circulating report quoting one Deputy CBN Governor, Ibrahim Tahir Jr, said the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.

The report, which appeared to have been shared multiple times on WhatsApp, partly read, “CBN Announces New N5,000 & N10,000 Notes. In a bid to reduce cash handling challenges, the Central Bank of Nigeria (CBN) has introduced new N5,000 and N10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025.

Meanwhile, a statement from the CBN’s communications department said there was no deputy governor by such a name and that it is investigating the source of the fake content.