CBN Debunks Reports That Old N1000, N500 WIll Be Legal Tender Till May 31, 2023



  1. By Our Reporter

The Central Bank of Nigeria (CBN) has described as fake news reports making the rounds that the N1000, N500 will be legal tender until May 1, 2023.

An online platform not NATIONAL WAVES had published the story ststing that President Muhammadu Buhari had instructed the CBN to reissue the old N1000, N500 note till May 1, 2023.

In a statement made available to NATIONAL WAVES and signed by Osita Nwanisobi, Director, Corporate Communications of the apex bank. It said ” The attention of the Central Bank of Nigeria (CBN) 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.
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 to circulate 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.
Please be guided accordingly”


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