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By Mathew Ogunwale
A viral WhatsApp message claimed that the Central Bank of Nigeria (CBN) has introduced 5,000 naira and 10,000 naira notes, set to circulate on May 1, 2025.
The message also states that a Deputy Governor of CBN, Dr Ibrahim Tahir Jr. made the announcement.
CBN’s Currency Redesign Policy In 2023
In early 2023, the Central Bank of Nigeria (CBN) announced a currency redesign to combat counterfeiting and money laundering.
The redesign led to widespread hardship, with long queues and confusion. The Supreme Court ruled on November 29, 2023, that both old and new notes should remain legal tender. In December 2024, the CBN confirmed there would be no deadline for old note circulation.
ROUNDCHECK Findings
From our findings, the CBN has not made any announcement regarding the introduction of ₦5,000 and ₦10,000 notes. A review of the official CBN website (http://cbn.gov.ng) shows no such policy or press release.
However, the circulating message was spotted to be signed by one “Dr. Ibrahim Tahir Jr., Deputy Governor of CBN.”
Findings reveal there are four CBN Deputy Governors, and we looked through each of them.
After our findings, we could not find any individual who holds the position of CBN Deputy Governor with the name ‘Dr Ibrahim Tahir Jr.
The current Deputy Governor of CBN (Economic Policy) is Muhammad Sani Abdullahi, while the other three do not bear Ibrahim Tahir (see image below).
We analysed other viral ‘forwarded messages’ on WhatsApp, where images of the claimed naira notes were attached. There were inconsistencies in the look and design of the notes and does not reflect Nigerian currency.
We discovered that all existing naira denominations in Nigeria have the name ‘Central Bank of Nigeria’ at the top of both sides.
But in contrast, the claimed new 5,000 and 10,000 naira notes don’t have that name.
The claimed notes have no name of the Central Bank’s governor- as it is in other denominations. Nothing indicated that the notes were from Nigeria’s Central Bank.
Also, on April 2, 2025, the CBN debunked that the images of designed 5,000 naira and 10,000 naira notes are fake.
While there have been past discussions on introducing higher denominations, particularly during the 2023 currency redesign policy, no such move has been implemented by the CBN.
Hence, the information in the viral WhatsApp message is misleading, and the website link provided is incorrect.
The Supreme Court ruling on November 29, 2023, allowed both old and redesigned naira notes to coexist, but no new denominations were introduced.
Verdict
The claim that CBN has introduced 5,000 naira and 10,000 naira notes, is INCORRECT.
