Purveyors of fake news on N500 and N1,000 notes to be prosecuted – CBN

The Central Bank of Nigeria (CBN) has reaffirmed that only old N200 notes were approved to be reissued by President Muhammadu Buhari.

The clarification by CBN was a reaction to a statement purportedly issued by the Director of Corporate Communications, Mr. Osita Nwanisobi, indicating that the CBN had directed DMBs to continue to receive old N500 and N1, 000 notes until May 1.

That statement which had earlier been described as “fake news” in a statement CBN claimed that the apex bank had directed Deposit Money Banks (DMBs) to continue to receive N500 and N1, 000 notes from their customers until May 1,2023.

In another statement jointly signed by the Deputy-Governor, Mr. Edward Adamu and Mr. Nwanisobi, the apex bank stated that it was sticking to the directive of the president to reissue only the old N200 notes.

The staement reads, : “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 re-issuance and release of old N500 and N1, 000 notes as legal tender in the country.

“For the avoidance of doubt, the CBN reiterates that in line with the directive of Mr. President, only N200 old notes are to be re-issued and to re-ciculate 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”

Mr. Nwanisobi’s earlier tatement read in part, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1, 000 banknotes.

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“For the avoidance of doubt and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to only re-issue and recirculate the old N200 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 CBN on this subject.”