The Central Bank of Nigeria CBN has warned members of the public that it neither authorised the circulation of the 500 and 1,000 naira old notes nor directed commercial banks to accept such notes, which have ceased to be legal tender after the expiration of the February 10, 2023 deadline.

This is contrary to fake media reports, especially across most online platforms, which claimed that the apex bank had authorised the circulation of the old 500 and 1,000 naira notes.

Recall that President Muhammadu Buhari had in a national broadcast Thursday, announced that he had directed the CBN to allow the old 200 naira note, which initially ceased to be a legal tender effective February 10, 2023 be allowed to circulate alongside the new 200, 500 and 1,000 naira notes till April 10, 2023.

The 60-day extension for the circulation of old 200-naira note, according to the President, was to ease the cash crunch experienced by the citizens with the attendant long queues at banks’ automated teller machines ATMs as well as within the banking halls.

In a statement by the Director, Corporate Communications of the CBN, Osita Nwanisobi, the apex bank insists there is no iota of truth in such reports, describing them as mischievous and a handiwork work of the enemies of the country.

The apex bank also enjoined media practitioners to verify their facts with the appropriate authorities before going to press so as not to mislead members of the public.

The statement reads in part: “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.”