Confusion over recirculation of old N500, N1000 by commercial banks

….We didn’t approve recirculation of Old N500, N1000 Naira Notes – CBN

By allcitynews.ng

Amidst the confusion created by rejection of old N500 and N1000 Naira notes that are currently being reissued by banks, based on scarcity of new Naira notes, the Central Bank of Nigeria (CBN) has said it did not approve the recirculation of old Naira notes.

CBN governor

Several reports had on Wednesday suggested that the apex bank, had in line with directive from Supreme Court judgement of 3 March 2023, approved the recirculation of old naira notes till December 31, 2023.

However, CBN Acting Director of Corporate Communications, Isa Abdulmumim, declared the report as ‘fake news’.

He further urged Nigerians to disregard it and avoid purveyors of ‘fake news’.

It would be recalled that the Supreme Court had in a unanimous decision by a seven-member panel of justices on 3 March 2023 held that the old banknotes should remain in use until the end of the year.

Following that Supreme Court judgement, some commercial banks started release of old N500 and N1000 to anxious customers based on scarcity of new Naira notes.

Findings by allcitynews.ng showed that though some banks released the old N500 and old N1000 Naira notes, general public, including transporters refused to accept them. Responding to allcitynews.ng in seperate interactions on why they are against accepting the two denominations, their answers were “we will not accept the old notes until PMB or CBN governor should come out with public announcement on them.”

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