Only old N200 notes are to be reissued, circulated- CBN reiterates

February 21, 2023

The Central Bank of Nigeria (CBN) has reiterated that only the old N200 notes are to be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari.

The bank restated this in a statement jointly signed by the Deputy Governor, Corporate Services, Mr Edward Adamu, and Mr Osita Nwanisobi, Director, Corporate Communications, CBN, on Tuesday in Lagos.

The CBN said that Buhari had not given any approval for the old denominated notes to be reissued and re-circulated as legal tender for 70 days up to May 1, as stated in a fake press release.

“The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank.

“The fake press release purported that President Muhammadu Buhari had 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,” it said.

It added that the bank was working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.

The statement urged Nigerians to be guided and to ignore the fake press release credited to the President.