NRTC CHECK: Has CBN ordered N500 and N1000 old notes to remain legal tender?

Claim:

The Central Bank of Nigeria (CBN), has ordered that N500 and N1000 old notes should remain legal tender with N200 notes.

The screenshot of the fake press release on Aisha Buhari Instagram page

A widely circulated claim that the Central Bank of Nigeria (CBN), has ordered that N500 and N1000 old notes should remain legal tender with N200 notes till May 1, 2023.

The claim which was in the press release was first shared on the Instagram page of the First Lady, Aisha Buhari on Tuesday, saying the old N500 and N1,000 notes remain legal tender till May 1, 2023.

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After the post hit the president’s wife’s page, some netizens reshared the news claiming it was factual to deceive Nigerians and put a smile on the face of those still with the old notes.

According to the press release signed by CBN Director of Corporate Communication Department, Osita Nwanisobi, the old N500, and N1,000 will continue circulating with the old N200 notes declared as legal tender by President Muhammadu Buhari last week in his National broadcast to Nigerians over the hardship experienced in getting the new currency.

What are old and new notes?

CBN Governor, Godwin Emefiele, announced the decision of the apex bank to redesign the Naira on 26 October 2022 and the introduction of redesigned N200, N500, and N1,000 naira notes into the country’s financial system.

Also read, NRTC WEEKLY: Top 5 trending stories across the country this week

According to the CBN boss, the redesign was done to prevent money laundering by politicians and political office holders as well as encourage a cashless economic policy, which frustrates the activities of criminal gangs, especially kidnappers and bandits, who abduct innocent members of the public among others.

The deadline for the validity of the old notes was pegged on January 31, 2023, by the CBN, but was later extended to February 10, 2023.

The deadline was stopped by the Supreme Court after three governors from the North filed a suit but was not followed by President Muhammadu Buhari and the CBN Governor, Godwin Emefiele.

But since the notes were unavailable to Nigerians across different parts of the country and resulting in them struggling to access them from banks and ATM cash points, President Buhari gave an order that N200 old notes should be allowed to be circulated with the new ones as legal tender till April 10, 2023.

Our findings

NRTC CHECK found out that the news shared by Aisha Buhari and other netizens was ‘fake news’, purportedly released to mislead Nigerians.

Debunking the news in a press release signed by CBN Director of Corporate Communication Department, Osita Nwanisobi, the Central Bank of Nigeria press release shared on the Instagram page of the First Lady, Aisha Buhari was not from them.

A screenshot from CBN social media pages.

CBN said 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 apex Bank urged members of the public to disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject as well as advised media practitioners to verify any information from the correct sources before publication.

“CBN Sticks to Presidential Directive to Reissue only 200 Naira Old Banknotes.”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 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.”

Verdict: This claim is False

NRTC CHECK findings show that the claim which stated that the Central Bank of Nigeria (CBN), has ordered that N500 and N1000 old notes should remain legal tender with N200 notes is FALSE.

The press release from CBN.

NRTC CHECK confirmed that it was a purported claim shared to misinform Nigerians ahead of the Saturday, February 25th presidential election.