Naira Policy: CBN clarifies Buhari’s directive on re-circulation of old N200 notes stays

*The Central Bank of Nigeria reiterates that in line with the directives of President Muhammadu Buhari, ‘only N200 old notes are to be reissued and to circulate concurrently with the new notes’ in the country

Isola Moses | ConsumerConnect

Amid the current confusing among the banking public and other consumers in the economy, the Central Bank of Nigeria (CBN) Tuesday, February 21, 2023, restated that President Muhammadu Buhari’s recent directive on the release of the old N200 notes still stands.

The CBN, in a statement, dismissed reports in some section of the media that the President has approved the reissuance and release of old N500 and N1000 notes as legal tender.

The Bank stated: “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 reissuance and release of old N500 and N1000 notes as legal tender in the country.”

The CBN also described the reports as fake news, as it pledged to work with the security agencies to unravel the perpetrators of such misleading reports.

Recall that President Buhari, in his national broadcast February 16, had directed the CBN to reissue and re-circulate only the old N200 banknotes.

ConsumerConnect reports the old N200 notes are expected to co-circulate with the new banknotes as legal tender for 60 days up to April 10 this year.

The Bankers’ Bank further said: “For the avoidance of doubt, the Central Bank of Nigeria , 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.”

The statement noted: “The Bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.

“Please be guided accordingly.”