CBN: We’ll only reissue N200 old banknotes

The Central Bank of Nigeria (CBN) on Tuesday, February 21, 2023 stated that it would only stick to the directive of President Muhammadu Buhari, to reissue only N200 old banknotes.

In a statement jointly issued by the Deputy Governor (Corporate Services), Edward L. Adamu, and Director, Corporate Communications, Osita Nwanisobi, the apex bank denied authorising issuing a statement to the effect that the old N500 and N1,000 notes would still be in use till May 1^st, 2023.

The statement reads: “The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank to the effect that President Muhammadu Buhari has 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.

“The Bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news. Please be guided accordingly.”

The Wife of the President, Aisha Buhari, had earlier on Tuesday shared a press release by the bank on the extension of validity of N500 and N1,000 notes.

The alleged statement said the apex bank had extended the use of the old notes.

But the bank has since denied the report.

The Star