The Central Bank of Nigeria (CBN) has reacted to reports that President Muhammadu Buhari authorized the reissuance of old N500 and N1000 notes.
In a statement issued via Twitter on Tuesday afternoon, the apex bank described the rumour as ‘fake news’ and advised Nigerians to disregard it.
The CBN also added that it was working with law enforcement agencies to prosecute the purveyors of monetary fake news.
No reissuance: CBN said no such approval came from the Presidency. Instead, it clarified that it was only advised to recirculate N200. Part of the statement by the CBN said:
- “The attention of the CBN 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 issuance and release of old N500 and N1000 notes a legal tender.
- “For the avoidance of doubt, the CBN reiterates that in line with the directive of Mr. President , only N200 old notes are to reissued and to circulate concurrently with the new notes. Members of the public are therefore advised to ignore this fake news.”
In case you missed it: Recall that President Buhari had, last week, directed the Central Bank of Nigeria (CBN) to extend the deadline for the use of old N200 notes till April 10, 2023.
He said he was deeply pained by the unintended outcomes of the naira redesign/swap policy and urged Nigerians to be patient and understanding during the difficult transition phase of the monetary policy.
