Five Times Nigeria Introduced New Naira Notes

The Central Bank of Nigeria (CBN) recently debunked claims that it is set to introduce ₦5,000 and ₦10,000 banknotes, describing the viral reports and accompanying circulars as fake and misleading.

In a post shared via its official X (formerly Twitter) handle on Wednesday, the apex bank stated unequivocally that it has no plans to unveil higher denomination notes and urged the public to disregard the rumor.

“The message circulating about the introduction of ₦5,000 and ₦10,000 banknotes is fake. The CBN has not issued any such statement,” the bank wrote.

The denial comes after a fake circular, which spread rapidly across WhatsApp and social media platforms, claimed that the bank would begin circulating the new notes from May 1, 2025. The forged document falsely asserted that the move was part of efforts to “streamline cash transactions and improve liquidity management.”

The misinformation stoked anxiety among Nigerians still reeling from the effects of the controversial 2022 naira redesign, which caused nationwide cash shortages and disrupted economic activities.

Nigeria’s History of Naira Redesigns

Although the current claim has been dismissed, it has revived public interest in Nigeria’s long-standing history of currency changes. The country has revised or introduced new naira notes at least five times since independence — often sparking national debates and, at times, economic upheaval.

1. 1973 – The Birth of the Naira

Nigeria transitioned from the British pound to its own currency — the naira and kobo — in 1973, under General Yakubu Gowon. It marked a major milestone in asserting economic sovereignty.

2. 1991 – Colour Changes Under Babangida

The military regime of General Ibrahim Babangida changed the colours of ₦5, ₦10, ₦20, and ₦50 notes in what was described as an anti-corruption measure aimed at flushing out hidden cash.

3. 2007 – The Polymer Note Era

Under Governor Charles Soludo, the CBN introduced polymer notes for lower denominations to improve durability. However, by 2012, the policy was discontinued due to concerns about cost and environmental impact.

4. 2014 – Commemorative ₦100 Note

To mark Nigeria’s centenary, a redesigned ₦100 note featuring enhanced security features and a QR code was released under President Goodluck Jonathan.

5. 2022 – Buhari’s Redesign of High-Value Notes

In one of the most disruptive redesign efforts, the CBN introduced new versions of the ₦200, ₦500, and ₦1,000 notes in 2022. The policy aimed to reduce cash in circulation and curb vote-buying, but poor implementation led to widespread hardship and litigation.

With inflation pressures and digital currency trends evolving, speculation about currency changes may not disappear anytime soon. However, the CBN has made it clear that any genuine update regarding Nigeria’s currency will be officially communicated through its verified channels.

The apex bank also urged Nigerians to verify information from credible sources before sharing, especially on matters with economic and financial implications.