CBN Speaks On Issuing Fresh Directive On Old Naira Notes

The Central Bank of Nigeria (CBN) has distanced itself from a fake statement ordering the distribution of old 1000, 500 naira notes.

Naija News reports that social media has been awashed with reports that the apex bank announced plans to recirculate old 1000 and 500 naira notes. The fake report claimed that President Muhammadu Buhari had directed the CBN to carryout the recirculation after a closed-door meeting.

But in a swift statement on Tuesday morning, CBN’s Director of Corperate Communications, Osita Nwanisobi, described the statement as fake.

The statement reads: “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and ₦1,000 banknotes. 

“For the avoidance of doubt, and in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

“Media practitioners are advised to please verify any information from the correct sources before publication.”