UPDATED: Confusion over CBN’s directive on old N500, N1,000 notes

There was confusion on Tuesday over the alleged extension granted by the Central Bank of Nigeria (CBN) for the use of the old naira notes.

The wife of the president, Aisha Buhari, had shared a Press Release allegedly issued by the CBN extending the validity of old N200, N500 and N1,000 notes to May 1^st.

The CBN has, however, declared the statement as fake.

The First Lady has since pulled down the post.

The alleged Press Release stated that the CBN gave the directive on Tuesday, February 21 after a meeting with President Muhammadu Buhari.

The statement allegedly issued by the Director of Communications, Osita Nwanisobi, said the old naira notes remain legal tender for the next 70 days.

The statement read: “Due to the current and unpleasant situation in Nigeria, in line with Mr. President, after having a closed meeting with him on the 20th of February, 2023, Central Bank of Nigeria has been directed to only reissue and recirculate the old N200, N500 and N1,000 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 Star can authoritatively confirm that a meeting was held between governors and top Federal Government officials have agreed on out-of-court settlement in the case on cash policy at the Supreme Court.

The meeting was held on Monday till 2a.m. on Tuesday.

Governors Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) represented the interest of the governors while the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), stood in for the Federal Government.

It was agreed at the meeting that the governors should withdraw the suit before the Supreme Court while the Federal Government extends the validity of the old banknotes till May 1st.

The hearing of the suit against the policy comes up on Wednesday, February 22.

The Star