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CBN Refutes News On Recirculation Of Old Notes

The Central Bank of Nigeria (CBN) has denied receiving orders to recirculate old Naira notes from President Muhammadu Buhari.

Earlier today, Tuesday, February 21, 2022, a press release purportedly posted on the first lady’s Instagram handle, Aisha Buhari, claiming to be from the CBN, stated that the President has asked the apex bank to re-issue old N200, N500, and N1000 notes to alleviate the hardship caused by Naira scarcity.

Debunking the news, the CBN urged Nigerians to be wary of unverified information on its verified social media handles.

“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 recirculates 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,” the original press release issued on February 17, 2023, read.

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