CBN Denies Approving Recirculation Of Old N500, N1000 Notes

First Lady Aisha Buhari

The Central Bank of Nigeria (CBN) has denied approving the recirculation of old N500 and N1000 notes for the next 70 days.

To this end, the apex bank insisted that only N200 old notes would be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari.

First Lady, Aisha Buhari, had through her Instagram account on Tuesday shared a press release, announcing that the old N500 and N1000 notes would remain legal tender for the next 70 days till May 1, 2023?

But the CBN on Tuesday in Lagos dismissed the statement, describing it as fake news.

The statement was jointly signed by Deputy Governor of Corporate Services, Mr Edward Adamu and Director of Corporate Communications, Mr Osita Nwanisobi.

CBN informed that Buhari did not approve the reissuance and recirculation of old denominated notes as legal tender for 70 days up to May 1, as stated in the fake press release.

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.

“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".

Nwanisobi hinted that the apex bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of the fake news.

He pleaded with Nigerians to be guided and to ignore the fake press release credited to the President.

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