Abuja, April 1, 2025 – The Central Bank of Nigeria (CBN) is to introduce new denominations of ₦5,000 and ₦10,000 banknotes to streamline cash transactions and improve liquidity management.
The new notes are to go into circulation on May 1, 2025, with commercial banks issuing them via ATMs and over-the-counter transactions.
The apex bank disclosed this on Wednesday in a statement issued by Dr. Ibrahim Tahir Jr, a Deputy Governor.
He said the move was to reduce cash-handling costs and provide 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 deputy governor said.
The new ₦5,000 note will feature the portrait of Chief Obafemi Awolowo, while the ₦10,000 note will showcase Dr. Nnamdi Azikiwe in recognition of their contributions to the development of the country.
The CBN said the new notes would also have enhanced security features like color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate.
The statement advised members of the public to exchange their old naira notes at banks before June 30, 2025 as the lower denominations may be phased out gradually. (GBN)
