Fake news Alert: CBN Denies Asking Banks to Accept Old Naira Notes

The Central Bank of Nigeria (CBN) has issued a statement denying any involvement in reports that the apex bank was asking commercial banks to accept old Naira notes.

A statement on a press released on Friday evening by the CBN Spokesperson, Osita Nwanisobi, said that recent reports claiming that the CBN was suggesting banks to accept the old Naira notes are false.

Nwanisobi, added that the bank will follow the command from President Muhammadu Buhari that stipulates that the former N200 note will be used in tandem with the new one for a period of two months while other denominations cease to be legal tender in the country after the expiration of the deadline.

“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 re-issue and recirculates the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023," Nwanisobi said.

He added that the CBN has not introduced any new policy on the circulation of old Naira notes and that the CBN has no plans to introduce such a policy, and that any such report is false. The CBN Spokesperson also urged Nigerians to be mindful of fake news and to be wary of stories that do not come from official sources, and warned the Media from spreading fake news.

"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,” Nwanisobi added.

It was reported earlier on Friday that the CBN has bowed to pressure and ordered banks to accept the old Naira notes after its deadline expiration. The news claimed that the apex bank's decision was due to the Friday's protests across different parts of the country.

The news of the CBN's reversal of its stance on the expiration date for the old naira notes came as a relief to many Nigerians, yet with the declaration of the news as false, citizens will have to wait with bated breath to see what the future holds or accept their Nigerian destiny.