Aduragbemi Omiyale
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has directed deposit money banks (DMBs) operating in the country to accept the old N500 and N1,000 notes from their customers.
On Friday afternoon, several reputable media platforms, excluding Business Post, reported that the apex bank had ordered commercial banks to receive the old currency notes from Nigerians.
According to the reports, this was to reduce the number of Nigerians taking their funds to the branches of the CBN in states of the federation.
The CBN Governor, Mr Godwin Emefiele, on Tuesday said the old N200, N500, and N1,000 ceased to be legal tender in Nigeria from February 10, 2023.
But the next day, the Supreme Court extended the validity of the currency notes till Wednesday, February 22, 2023, when it should hear the matter brought before it by some state governments.
On Thursday, in a nationwide broadcast, President Muhammadu Buhari emphasised that the old N500 and N1,000 notes have lost their legal tender status as affirmed by the apex bank, asking those still with the banknotes to take their money to the CBN offices for redemption.
However, he directed the central bank to recirculate the old N200 notes into the financial system until April 10, 2020, when they would lose their validity.
Earlier, Mr Emefiele had said after the February 10 deadline, Nigerians had till Friday, February 17, 2023, to return their funds through the central bank by filling out a form on its website to generate a code.
This morning, its offices were filled with Nigerians coming with their old currency notes.
Quoting CBN sources, it was claimed that the apex bank had asked DMBs to accept old currency notes not more than N500,000, as those above the limit would be required to deposit their funds at CBN offices.
But in a statement on Friday evening, the central bank denied the reports, emphasising that such a window has not been created, urging members of the public to disregard the reports it described as fake news.
“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 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.
“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,” a statement signed by the Director of the Corporate Communications Department of the CBN, Mr Osita Nwanisobi, said.
