Confusion: We Didn’t Approve Recirculation Of Old N500, N1000 Naira Notes – CBN Makes U-turn

The Central Bank of Nigeria (CBN) has said it did not approve the recirculation of old 500 and 1000 naira notes.

Several reports had on Wednesday suggested that the apex bank had approved the recirculation of old naira notes till December 31, 2023.

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

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

Daily Report Nigeria recalls that the Supreme Court had in a unanimous decision by a seven-member panel of justices on Friday, held that the old banknotes should remain in use until the end of the year.

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Ayodeji Ebo, managing director/chief business officer at Optimus by Afrinvest had said:

“I think this is positive for the economy and gives the CBN more time for the implementation of the new policy. Also positive for small businesses. We will be awaiting the CBN’s response to the Supreme Court decision on this subject.”

Uche Uwaleke, professor of Capital Market at the Nasarawa State University Keffi, had also advised the CBN to comply with the ruling from the highest court in the country.

According to him, doing so would help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.

He had said:

“Be that as it may, it’s important recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve. The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, and the increase in financial inclusion are part of the achievements recorded thus far.”