Lagos, Feb. 21, 2023 – The Central Bank of Nigeria (CBN) says the Federal Government has not renege on its policy decision that only N200 of the old naira notes is still legal tender and allowed to circulate until April 10.
It said that the old N500 and N1000 naira notes had seized to be Nigeria’s legal tender since Feb. 10.
The apex bank said that it became necessary to emphasise this in view of existence of fake news circulating that the apex bank had now allowed the old N500 and N100 naira notes to circulate for additional 70 days.
“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.
“Please be guided accordingly,” the statement said.
The statement was signed by Edward L. Adamu, CBN Deputy Governor, (Corporate Services), and Osita Nwanisobi, CBN Director, (Corporate Communications). (GBN)
