Old Naira Notes Extension: CBN Debunks Release Shared On Aisha Buhari’s Instagram Page, Threatens To Arrest


Feb 21, 2023

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The Central Bank of Nigeria (CBN) on Tuesday, has debunked a purported press release shared on the Instagram page of the First Lady, Aisha Buhari.

CBN in a statement threatening to arrest, investigate and prosecute people spreading fake circulars purportedly from the apex bank.
ADULAWO NEWS reports that CBN statement was coming a few hours after the wife of the Nigerian President, Aisha Buhari, shared a fake circular from the CBN in which the apex bank ordered the recirculation of the old Naira notes until May 10.

ADULAWO NEWS reports that the fake CBN circular is being shared widely and reported across the news media.

The circular reads, “Due to the current and unpleasant situation happening in Nigeria, in line with Mr, President, after having a closed meeting with him on the 20th of February, 2023. Central Bank of Nigeria has been directed to only reissue and recirculate the old N 200, N500 and 1000 banknotes and this is expected to circulate as legal tender for 70 days up to May 1, 2023. Members of the public should therefore continue to spend the old notes.”
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CBN swiftly reacted to the fake circular describing it as fake. In a subsequent official statement, the apex bank said it would stick to presidential directive to reissue only 200 Naira old banknotes

The bank further warned that it is working with law enforcement agencies to investigate, arrest and prosecute those spreading fake news claiming it was from the CBN.

The fresh statement co-signed by CBN Deputy Governor, Corporate Services, Edward L. Adamu and Director, Corporate Communications, Osita Nwanisobi, reads: “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 issuance and release of N500 and N1000 notes as legal tender in the country.
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“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 circulated concurrently with the new notes. Members of the public are therefore advised to ignore this fake news.

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

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