CBN denies extending old 500, 1000 naira notes deadline

The Central Bank of Nigeria (CBN) has descrined report making the rounds that it had extended the validity of old N500 and N1,000 notes to May 1st, as fake news.

The apex bank said it never gave any such directive on Tuesday, February 21, after a purported meeting with President Muhammadu Buhari.

The fake statement purportedly issued by the Director of Communications, Osita Nwanisobi, quoted him as saying: “Due to the current and unpleasant situation in Nigeria, in line with Mr. President, after having a closed meeting with him on the 20th of February, 2023, Central Bank of Nigeria has been directed to only reissue and recirculate the old N200, N500, and N1,000.”

However, in swift reaction, the CBN denied the same statement purportedly issued by it and described it as “FAKE NEWS” .

The apex bank said in line with Mr. President’s broadcast of February 16, 2023, it has been directed to only reissue and recirculate the old N200 banknotes which is expected to circulate as legal tender for 60 days up to April 10, 2023.

The statement issued on Tuesday by Osita Nwanisobi Director, Corporate Communications Department of the CBN reads in part:
“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes. For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

“Media practitioners are advised to PLEASE verify any information from the correct sources before publication”.