The Central Bank of Nigeria (CBN) has debunked online reports making rounds, claiming the apex bank has approved the circulation of old naira notes till December 31, 2023.
Acting Director Corporate Communications, Isa AbdulMumin, who spoke with newsmen on Wednesday, declared the report as ‘fake news’. The report quoted him as saying he confirmed the development, saying both the old and new notes are legal tender and banks are currently issuing to customers.
However, the apex bank’s spokesman urged Nigerians to disregard it and avoid purveyors of ‘fake news’.
Some banks have continued to pay their customers with old high naira value despite the Supreme Court’s ruling. It was gathered that the banks that were paying were the ones that still have the old naira in their vaults, as the CBN has not yet issued a directive on the matter.
The CBN announced the currency redesign policy in October, and the new notes were released in mid-December. People were initially given until January 31, 2023 to deposit the old notes, but this was extended to February 10, 2023 amid the chaotic scenes.
According to her, the Supreme Court ruled that not enough notice was given to the public before the old notes were withdrawn; and not enough of the new notes were released, leading to widespread anger and frustration. Many people could not get cash to pay for food and slept outside banks.
The court also said the correct process had not been followed.
