"In a bid to reduce cash handling challenges, the Central Bank of Nigeria (CBN) has introduced new ₦5,000 and ₦10,000 notes featuring iconic Nigerian leaders. The notes will be in circulation from May 1, 2025."
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.
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.
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