CBN Announces New ₦5,000 & ₦10,000 Notes will start circulating by May 1
CBN Announces New ₦5,000 & ₦10,000 Notes will start circulating by May 1
April 1, 2025 – Unverified reports circulating in financial circles suggest the Central Bank of Nigeria (CBN) may introduce new higher denomination banknotes in coming months.
Alleged Press Release Details
CENTRAL BANK OF NIGERIA PRESS RELEASE
CBN Unveils New ₦5,000 and ₦10,000 Banknotes to Enhance Cash Transactions
Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – ₦5,000 and ₦10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management.
According to the Deputy CBN Governor, Dr. Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions. “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,” the Governor stated.
₦5,000 Note Features
- Portrait of Chief Obafemi Awolowo
- Color-changing ink security feature
- Enhanced hologram technology
₦10,000 Note Features
- Portrait of Dr. Nnamdi Azikiwe
- Advanced anti-counterfeiting design
- Polymer substrate material
The nationwide rollout will begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.
Nigerians are advised to exchange their old Naira notes at banks before June 30, 2025, after which lower denominations may be phased out gradually.
For further details, visit www.cbn.gov.ng/newcurrency.
Dr. Ibrahim Tahir Jr.
Deputy Governor, Central Bank of Nigeria
Alleged New Note Designs
Below are samples of the newly designed ₦5,000 & ₦10,000 notes for your information and guidance!
[Image placeholder for ₦5,000 note featuring Obafemi Awolowo]
[Image placeholder for ₦10,000 note featuring Nnamdi Azikiwe]
Key Considerations
- No official confirmation from CBN headquarters as at press time
- April 1 publication date raises questions about authenticity
- Previous CBN currency redesign occurred in 2022/2023
- Economic analysts divided on need for higher denominations
What This Could Mean
If confirmed, the introduction of these new notes would:
- Mark Nigeria’s highest currency denominations to date
- Potentially reduce physical cash volumes in transactions
- Honor two of Nigeria’s founding fathers
- Require massive public education on security features
- Check CBN’s official website (www.cbn.gov.ng)
- Monitor reputable news outlets for confirmation
- Avoid spreading unverified financial information
Last updated: April 1, 2025 | 12:00 PM WAT
