The CBN said it was only asked to reissue and recirculate the old N200 notes.
By Jeffrey Agbo
The Central Bank of Nigeria (CBN) says it did not authorise deposit money banks to collect the old N500 and N1,000 banknotes as being speculated.
Hours after news was circulated on Friday that such order was given, CBN’s Director of Corporate Communications, Osita Nwanisobi, urged the public to disregard the news.
The bank said it was only asked to reissue and recirculate the old N200 notes.
“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 reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023,” the statement said.
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The CBN advised the public to disregard any message and/or information not formally released by the bank on this subject.
It also advised media practitioners to endeavour to verify any information from the correct sources before publication.
Riots broke out in several parts of Lagos State on Friday over the scarcity of banknotes as transporters are now forced to adjust to the new measures.
According to President Buhari, the policy will prevent vote-buying as Nigerians head to the polls on February 25 to elect a new leader and federal lawmakers and on March 11 to elect governors and state legislators.