Summary:

• The Central Bank of Nigeria (CBN) has denied reports that commercial banks have resumed acceptance of old 1000 and 500 Naira notes.
• It is calling the news ‘fake and unauthorized’, although it had provided temporary relief to traders and customers.
• Nigerians are advised to wait for official communications from the CBN in the future before believing reports about the monetary situation.

On Friday, the Central Bank of Nigeria (CBN) denied the news being circulated by many media outlets about commercial banks resuming acceptance of old 1000 and 500 Naira notes. In a press release, the apex financial institution of the country called the stories ‘fake and unauthorized’.

In what must now be an embarrassing report, several reputable media houses in the country were citing an unnamed CBN official who allegedly said:

“Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”

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The news had provided a measure of succor for about three hours which it was left unchallenged. Several traders and their customers were happy to be able to resume transactions as normal. However, within hours, the head bank released the following statement via its official Twitter account:

Once again, citizens were left in the dust by the ongoing tussle between the Central Bank and the Nigerian judiciary.

If you recall, there was still a Supreme Court order for the bank to lift the February 10 deadline until President Buhari showed his support for the CBN’s governor policy by maintaining that the old 1000 and 500 Naira notes were no longer legal tender. He had added that the old 200 Naira notes is still acceptable until April 10, 2023.

Nigerians will be wise to wait for communications from the CBN in future before believing any report they come across online about the monetary situation.

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