‘We Can’t Go Against Buhari On Old N1,000, N500 Notes’—CBN Insists

The Central Bank of Nigeria has disowned a statement that it approved the recirculation of the old N1,000 and N500 notes.

The CBN said it has engaged security operatives to arrest peddlers of the fake news.

The apex bank gave the disclaimer on Tuesday in a statement signed by Edward L. Adamu, Deputy Governor, Corporate Services and Osita Nwanisobi Director, Corporate Communications of the CBN.

The apex bank while denouncing the ‘purported statement’ said only the old N200 has been approved by President Muhammadu Buhari for recirculation alongside the new notes.

The CBN said, “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.”

The President had amidst a Supreme Court order halting the withdrawal of legal tender status of the old N1,000, N500 and N200 notes said that only the old N200 notes will be allowed to remain legal tender until April 10, 2023.

But there have been confusion among Nigerians as some state governors like Ganduje of Kano State and Nasir El-Rufai of Kaduna State are clamping down on banks and businesses rejecting the outlaw notes.

The Supreme Court is expected to determine the matter on Wednesday, February 22, 2023.