CBN denies extending old 500, 1000 Naira Notes Deadline.

by John Ojewale
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500-and-1000-naira-notes - CBN

The CBN has categorically denied extending the deadline on N500 and N100 old notes. The Central Bank of Nigeria (CBN) has classified a report that it has extended the expiration date of old N500 and N1,000 banknotes until May 1 as fake news. Apex Bank said on Tuesday, Feb. 21, that President Muhammadu Buhari never issued such an order after meeting with the Apex bank.

A bogus statement, allegedly issued by Communications Director General Oshita Nwanisobi, quotes 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, CBN was quick to dismiss the same statement, calling it “fake news.”

Apex Bank has been instructed to reissue and recirculate only old N200 banknotes that are expected to remain in circulation for 60 days – April 10, 2023, in line with the President’s broadcast on February 16, 2023.

The statement issued on Tuesday by Osita Nwanisobi Director, of the 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 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.

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

cc: NigerianTribune

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