We didn’t receive presidential orders to reissue old naira notes – CBN

The Central Bank of Nigeria (CBN) says it did not receive presidential orders to reissue the old N500 and N1000 naira notes.

The CBN’s denial was in a reaction to a press release purportedly from the CBN circulating on social media, which was also shared by Aisha Buhari, wife of President Muhammadu Buhari.

The press release reads: “Due to the current and unpleasant situation happening in Nigeria, in line with Mr. President after having a close meeting with him on 20th February 2023, Central Bank of Nigeria has been directed to ONLY reissue and recirculate the old N200, N500 and N1000 banknotes and this is expected to circulate as legal tender for 70 days up to May 1, 2023…”

However, the the Director, Corporate Communication of the apex bank, Osita Nwanisobi in a statement on Tuesday, dismissed it as fake news.

“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,” the statement said.

“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.”