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CBN Restates Ban on Old N500, N1,000 Notes

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The Central Bank of Nigeria has reiterated the federal government ban on the use of the old N500 and N1,000 notes.

In a press release issued Tuesday, the apex bank said the notes will not be reissued, in line with President Muhammadu Buhari’s nationwide broadcast of 16 February.

Only the old N200 notes will be released until 10 April when they will cease to be legal tender in line with Nigeria's naira redesign policy.

“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 re-issuance and release of old N500 and N1000 notes as legal tender in the country,” the press release read.

“For the avoidance of doubt, the Central Bank of Nigeria restates that in line with the directive of Mr. President, only N200 notes are to be re-issued and to circulate concurrently with the new ones.

“Members of the public are therefore advised to ignore this fake news.”

The bank said it was working with law enforcement agents to investigate and prosecute the carriers of the rumor.

Central Bank/Federal Government and States Continue Cash Battle

The Central Bank and the federal government have been embroiled in a power and legal tussle with some states since the announcement of a deadline for the phasing out of the old notes.

No fewer than 10 states are challenging the constitutionality of the federal government to implement the naira redesign policy.

The Supreme Court restrained the federal government from implementing the deadline pending a hearing scheduled for Wednesday 22 February but President Buhari and the CBN have gone on to crack down on the issuance of the old N500 and N1,000 notes.

Meanwhile, the Kaduna State governor, Nasir El-Rufai has defied Abuja by saying that the old notes remain legal tender in the state. 


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