The Central Bank of Nigeria (CBN) has issued a warning to the public to beware of fake news and misinformation regarding the reissuing and recirculation of old banknotes.
In a recent press release, the CBN clarified that only the old N200 banknotes will be considered legal tender, in line with the directive from the President’s recent broadcast on February 16, 2023.
The CBN has stressed that it has not authorized any Deposit Money Banks to collect old N500 and N1,000 banknotes. The public is urged to disregard any messages or information not formally released by the CBN on this subject.
Media practitioners are advised to verify any information from credible sources before publication. The CBN also reminds the public that the reissuing and recirculation of old N200 banknotes is expected to continue for 60 days, up to April 10, 2023.
In light of this announcement, individuals and businesses are encouraged to familiarize themselves with the policy on old banknotes, and to only accept and use legal tender as specified by the CBN. Failure to do so could result in financial losses or penalties.
In summary, the CBN warns against misinformation and urges the public to only rely on official communications from the CBN regarding old banknotes. By following these guidelines, individuals and businesses can ensure they are in compliance with legal tender policy and avoid potential issues.
