CBN reveals the truth about fake N5,000 and N10,000 banknotes

• The Central Bank of Nigeria (CBN) has denied reports circulating connected societal media that it has issued N5,000 and N10,000 banknotes
• The slope disclosed its X grip that the contented was fake and asked Nigerians to disregard the study arsenic fake
• The fake contented said the determination is aimed astatine reducing cash-handling costs and providing Nigerians with much businesslike means of handling ample transactions

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Central Bank of Nigeria has dismissed the purported merchandise of caller N5,000 and N10,000 banknotes, calling it false.

The slope disclosed successful a connection connected X, saying the contented was not from the apex bank.

The politician of the Central Bank of Nigeria (CBN) Olayemi Cardoso, has much enactment to bash to antagonistic fake news. Credit: CBN
Source: Twitter

CBN denies fake N5,000, N10,000 banknotes

“The contented is not from the Central Bank of Nigeria. Kindly enactment that the authoritative website of the CBN is cbn.gov.ng,” the connection said.

A merchandise from CBN’s communications section revealed that the lone authoritative sources for releasing statements to the nationalist done the media are its website oregon statements from its department.

CBN stated that it is investigating the root of the fake content.

However, the fake contented quoted 1 Ibrahim Tahir, CBN’s Deputy Governor, arsenic saying the determination is aimed astatine reducing cash-handling costs and providing Nigerians with much businesslike means of conducting ample transactions.

The fake contented said:

“The instauration of these caller high-value denominations aligns with planetary champion practices and volition heighten economical activities portion reducing the accent associated with carrying ample amounts of cash.” 

The fake contented sounded authentic

However,  the CBN said determination is nary specified sanction successful its leadership.

The caller banknotes featured Chief Obafemi Awolowo connected the N5,000 note, portion the N10,000 enactment had Nnamdi Azikiwe, some salient Nigerian leaders.

The fake study said the caller notes volition incorporated enhanced information features, including colour-changing ink, holograms, and anti-counterfeiting technology to marque them intolerable to replicate.

The misleading study besides stated that the nationwide rollout was acceptable for May 1, 2025, with commercialized banks asked to statesman issuance of the caller banknotes via ATMs and over-the-counter transactions.

CBN announces highest FX reserves successful 3 years

The improvement comes arsenic the fiscal strategy regulator announced a net FX reserve of $23.11 billion, the highest successful 3 years.

According to a connection from the apex bank, the NFER magnitude was the highest level of FX accruals successful 3 years, comparative to $3.99 cardinal successful 2023, $8.19 cardinal successful 2022, and $14.59 cardinal successful 2021.

The net amusement an betterment successful Nigeria’s outer liquidity, reduced short-term obligations, and accrued capitalist confidence.

CBN politician explains wherefore the reserves grew

Nigeria’s gross outer reserves besides roseate to $40.19 cardinal successful the reappraisal period, comparative to $33.22 cardinal successful 2023.

The CBN governor, Olayemi Cardoso, declared that the improved nett FX reserves were owed to deliberate argumentation choices aimed astatine rebuilding confidence, reducing vulnerabilities, and laying a coagulated instauration for semipermanent stability.

According to Cardoso, the slope remains focused connected sustaining the advancement via transparency, subject and market-centric reforms.

Olayemi Cardoso, CBN brag is elated implicit caller FX reserves achievement. Credit: CBN
Source: Twitter

NFER is regarded arsenic a much authentic indicator of overseas speech defence disposable to conscionable contiguous outer obligations.

CBN releases caller speech rates

Legit.ng earlier reported that the Nigerian currency, the naira, crashed again successful the authoritative Nigerian Foreign Exchange Market (NFEM) for the 2nd consecutive time connected Thursday, March 27, 2025.

The section currency shed N1 from its value, trading astatine N1,537.66 per dollar from N1,536 it traded the erstwhile day.

The naira experienced a flimsy volatility successful the FX marketplace aft request for the US dollar resurfaced amid reforms by the Central Bank of Nigeria (CBN).

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Source: Legit.ng