CBN debunks Aisha Buhari’s post on use of old N500, N1000 notes

The Central Bank of Nigeria (CBN) debunked a viral press release claiming that the apex bank directed deposit money banks to accept old N500 and N1,000 notes. 

President Muhammadu Buhari’s nationwide broadcast on February 16 approved the continued use of the old N200 notes till April 10, 2023. 

He, however, noted that the old N500 and N1,000 notes were no longer acceptable legal tender and directed Nigerians to take them to the CBN and designated points. 

Amid the ensuing drama, ten states had asked the supreme court to declare the president’s directive unconstitutional. The states are Kaduna, Kogi, Zamfara, Ekiti, Ondo, Katsina, Ogun, Crossriver, Lagos, and Sokoto.

But on February 20, a statement purported to have emanated from the CBN went viral on social media announcing the reissue and recirculation of the old N500 and N1,000 notes till May 1, 2023. 

The release urged media practitioners to spread the information. 

Checks by DUBAWA showed the release included the signature of the apex bank’s Director of Corporate Communications, Osita Nwanisobi. There was, however, inconsistency with the spelling of his title. 

Although not true, some Nigerians circulated the statement, including the first lady, Aisha Buhari, who shared the post on her Facebook page.

But reacting on February 21, the CBN debunked the report and called on the public to disregard the release. 

“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 N1000 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,” the statement partly read.

CBN debunks Aisha Buhari's post on use of old N500, N1000 notes
A screenshot of CBN’s post.

Further checks by DUBAWA showed that Aisha Buhari had deleted the post from her page amid backlash coming her way.

The post, however, had been archived here

CBN debunks Aisha Buhari's post on use of old N500, N1000 notes
A screenshot of Aisha Buhari’s post.
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