Report on reissuance of N500, N1000 old notes is fake news —CBN

CBN Gov Godwin Emefiele and old N200 notes

The Central Bank of Nigeria (CBN), on Tuesday, February 21, 2023, said President Muhammadu Buhari’s directive on the N200 notes still stands. 

Recall that in a nationwide nationwide broadcast, February 16, 2023, President Buhari had directed the CBN to only reissue and re-circulate the old N200 banknotes. The old N200 is expected to circulate as legal tender until April 10 when it ceases to be legal tender.

In the CBN statement, the apex bank dismissed some media reports that the president had approved the reissuance and release of the old N500 and N1000 notes as legal tender in the country.

It described the reports as fake news, pledging to work with security agencies to unravel the perpetrators of the misleading reports. 

“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,” the statement read.

“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.”

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