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Amid the naira crisis disrupting economic activities in Nigeria, the president’s wife, Aisha Buhari posted a statement on her Instagram page telling Nigerians to continue spending the old N500 and N1000 notes.
Last week, President Muhammadu Buhari in his nationwide address declared that N500 and N1000 notes were no longer legal tender.
But a statement purportedly issued by the Central Bank of Nigeria (CBN) and posted by Mrs Buhari said the apex bank has been directed by the president to reissue and recirculate the old N200, N500 and N1000 banknotes.
The statement reads, “Due to the current and unpleasant situation happening in Nigeria, In line with Mr. president. After having a closed meeting with him on the 20th of February, 2023, Central Bank Of Nigeria (CBN) has been directed to ONLY reissue and recirculate the old N200, N500 and N1000 banknotes and this is expected to circulate as legal tender for 70 days up to May 1, 2023. Members of the public should therefore continue to spend the old notes.
“Media practitioners are advised to PLEASE spread out this helpful information to the public”.
However, the Central Bank of Nigeria in a counter statement has debunked the claim in Mrs Buhari’s post, saying it was directed to only reissue and recirculate the old N200 banknotes.
Describing Aisha's post as fake news, the bank urged the public to disregard any statement not released by the CBN on the naira crisis.
The CBN said, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized 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”.
The lingering naira crisis in Nigeria has led to the burning of at least 11 banks as angry mobs set many banks on fire in the southern part of the country due to the scarcity of naira notes occasioned by the CBN controversial cashless policy.