The Central Bank of Nigeria (CBN) has refuted claims that it has directed commercial banks to recirculate old 500 and 1000 naira notes.
Aisha Buhari, the wife of President Muhammadu Buhari, on Tuesday, posted a statement that claimed the CBN had ordered the recirculation of the old notes on her Instagram page.
The supposed CBN statement posted by Mrs. Buhari was credited to Osita Nwanisobi, Director of CBN Corporate Communications Department.
A few hours later, the CBN disowned the statement and described it as ‘fake news’.
“Please be wary of fake news,” CBN said in a tweet with an initial statement, saying the old 500 and 1000 notes have ceased to be legal tender as directed by Buhari.
Buhari during his national broadcast last Thursday ordered CBN to allow only the old 200 naira notes and redesigned 200, 500 and 1000 naira notes to coexist.
The president said only the 200 old naira notes will continue to be legal tender till Monday, April 10.
He insisted that the Naira redesign was aimed at curbing inflation, and corruption, and improving transparency in cash flow to all sectors of the Nigerian economy.
“I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from Feb. 10, 2023 to April 10 2023,” Buhari said.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”
Buhari said he sympathises with Nigerians over the difficulties in accessing the new Naira notes.
“Let me assure Nigerians that our admin. will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened,” Buhari said. “In this regard, the CBN shall ensure that new notes become more available & accessible to our citizens through the banks.”