CBN Announces New N5,000, N10,000 Notes

CBN Announces New N5,000, N10,000 Notes

By Fly Cable News

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.

The new ₦5,000 note will feature the portrait of Chief Obafemi Awolowo, while the ₦10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development. Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate.

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.

Signed:
Dr. Ibrahim Tahir Jr.
Deputy Governor, Central Bank of Nigeria