According to the reports, the CBN was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.
The Central Bank of Nigeria (CBN) has refuted claims that it has introduced new ₦5,000 and ₦10,000 notes, describing the reports as false.
This comes after widespread misinformation suggested that the apex bank had unveiled the high-denomination banknotes to enhance cash transactions.
According to the reports, the CBN was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.
Some of these claims even attributed statements to a supposed Deputy Governor, Dr Ibrahim Tahir Jr., regarding the rollout of the notes from May 1, 2025.
However, the CBN has denied these reports, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The Central Bank of Nigeria (CBN) has debunked reports claiming that the old N200, N500, and N1,000 banknotes will cease as legal tender by December 31, 2024. In a statement released on Thursday by the acting Director of Corporate Communications, Sidi Hakama, the CBN noted that the order of the…
The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation. A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remained valid legal tender in line with a Supreme Court…
The Central Bank of Nigeria, CBN, has issued a fresh directive to all banks and Nigerians regarding accepting old and redesigned Naira notes. CBN issued the directive on Wednesday in a statement by its Acting Director of Corporate Communications, Mrs Sidi Hakama. The bank emphasised that all bank notes, including…
