Report by Kamil Opeyemi
The Central Bank of Nigeria (CBN) has said that only N200 old notes are to be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari.
The bank restated this in a statement jointly signed by the Deputy Governor, Corporate Services, Mr Edward Adamu, and Mr Osita Nwanisobi, Director, Corporate Communications, CBN, on Tuesday in Lagos.
The CBN said that Buhari had not given any approval for the old denominated notes to be reissued and re-circulated as legal tender for 70 days up to May 1, as stated in a fake press release.
“The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank.
“The fake press release purported that President Muhammadu Buhari had approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.
“For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr President, only N200 old notes are to be reissued and to circulate concurrently with the new notes.
“Members of the public are therefore advised to ignore this fake news,” it said.
It added that the bank was working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.
The statement urged Nigerians to be guided and to ignore the fake press release credited to the President.
This is coming hours after the wife of the President, Aisha Buhari shared news of a new deadline for Nigerians to use their old N1000 and N500 notes.
The statement credited to the Central Bank of Nigeria which was purportedly signed by Osita Nwanibosi, Director of Corporate Communications of the CBN read, “Due to the current and unpleasant situation happening in Nigeria, in line with Mr President. After having a closed meeting with him on the 20th of February,2023, Central Bank of Nigeria (CBN) has been directed to ONLY reissue and recirculate the old N200, N500 and N1000 banknotes and this is expected to circulate as legal tender for 70 days up to May 1, 2023.
“Members of the public should therefore continue to spend the old notes.”
The statement also urged media practitioners are advised to PLEASE spread out this helpful information to the public.
Similarly, the presidential campaign council of the ruling All Progressives Congress (APC) also hinted of a possible reversal of the deadline for legal tender status of the N1000 and N500 notes in the country.
The party said there will be an out of court settlement on the matter after series of meetings.
“Ahead of the Supreme Court ruling on the naira swap policy of the Central Bank of Nigeria, the Federal Government and state governments who took the case to court have reached an out of court settlement.
“The settlement sees the old N200, N500 and N1000 notes in circulation till May 1.” the party campaign council stated.