Did CBN order extension of old N500, N1,000 notes as post by Aisha Buhari claimed?

The Central Bank of Nigeria (CBN) says only N200 old notes are to be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari.

The development comes after a viral post claimed President Muhammadu Buhari ordered the apex bank to reissue and circulate old N500 and N1,000 notes.

The controversial post was shared by Aisha Buhari — but was later deleted amid backlash.

Reacting in a statement jointly signed by Edward  Adamu, Deputy Governor, Corporate Services, and Osita Nwanisobi, CBN Director of Corporate Communications, the apex bank asked the public to disregard the viral post.

The CBN said that Buhari had not given any approval for the old denominated notes to be reissued and re-circulated as legal tender for 70 days up to May 1, as stated in a fake press release.

“The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank,” it reads.

“The fake press release purported that President Muhammadu Buhari had approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.

“For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr President, only N200 old notes are to be reissued and to circulate concurrently with the new notes.

“Members of the public are therefore advised to ignore this fake news.”

CBN Sticks to Presidential Directive to Reissue only 200 Naira Old Banknotes pic.twitter.com/qrrg1kvomT

— Central Bank of Nigeria (@cenbank) February 21, 2023

It added that the bank was working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.

The statement urged Nigerians to be guided and to ignore the fake press release credited to the President.