EXPOSED: How CBN Made U-turn On Old N500 And N1,000 Notes But Accused Media Of Fake News

EXPOSED: How CBN Made U-turn On Old N500 And N1,000 Notes But Accused Media Of Fake News

Following President Muhammadu Buhari’s directive that Nigerians return old N500 and N1000 notes to the Central Bank of Nigeria (CBN), many people flocked to the apex bank’s offices across the country on Friday.

People began lining up as early as 1 a.m. in front of the CBN office in Marina, Lagos, where there was an uncontrollable crowd.

Someone who arrived at 6 a.m. said he was given tag number 406, implying that over 400 people were in the queue earlier.

Badamasi Aliyu, a Kaduna resident, told Daily Trust that he was forced to relocate to a hotel near the CBN office the night before in order to arrive on time.

Aliyu, who arrived at the CBN office at 3 a.m., said he was given the number 134 tag.

People were asked to return to their respective Deposit Money Banks (DMBs) to store old notes after the exercise appeared to get out of hand and bank officials found it difficult to control the crowd that kept growing with time.

Following that, the CBN directed commercial banks to begin collecting old N500 and N1000 notes.

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Journalists contacted Osita Nwasinobi, Director, Corporate Communications Department, CBN, to confirm the authenticity of the memo, and he confirmed that the directive was clear.

The report went viral on social media shortly after Nwasinobi confirmed the development. Some Nigerians breathed a sigh of relief, declaring that they would return to their banks the following day.

Meanwhile, commercial banks issued public notices instructing customers to bring old notes beginning Saturday.

“Dear Valued Customer,

This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.

“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.

However, in less than an hour, Nwasinobi issued a statement claiming that the CBN had not authorized banks to accept old notes.

He not only reversed himself, but also accused the media of spreading lies.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject,” his statement read.

While the media was under fire for incorrect labeling by the CBN spokesman, commercial banks that had posted the notice on social media began to pull them down, causing confusion.

A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”

A customer who had previously filled out the portal in preparation for depositing old naira notes displayed a message from the CBN instructing him to go to Stanbic IBTC bank to deposit the money, which was less than the amount being collected at CBN branches.

“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.

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