Post Claiming Old Notes are Legal Tender Till May 2023 is False 

…Reposted By Aisha Buhari

Michael Babatunde 

Claim

A graphic image circulating across social media platforms claimed that President Muhammadu Buhari has ordered that old N200, N500 and N1000 notes remain legal tender till May 1, 2023.

The image which was designed in the format of the Central Bank of Nigeria’s (CBN) official release was also reposted by the First lady, Aisha Buhari (now deleted) on her Instagram page.

Verdict

The claim that Buhari ordered CBN to accept old N200, N500 and N1000 notes till May 1st is FALSE

Full Text

A post circulating across social media platforms credited to the Central Bank of Nigeria claimed that President Muhammadu Buhari has ordered that old N200, N500 and N1000 notes remain legal tender till May 1, 2023.

The post reads, “Due to the current and unpleasant situation happening in Nigeria, In line with Mr. president. After having a closed meeting with him on the 20th of February, 2023, Central Bank Of Nigeria (CBN) has been directed to ONLY reissue and recirculate the old N200, N500 and N1000 banknotes and this is expected to circulate as legal tender for 70 days up to May 1, 2023. Members of the public should therefore continue to spend the old notes.

“Media practitioners are advised to PLEASE spread out this helpful information to the public.”

Verification

To verify the information, ‎FactCheckElections did a Google search and discovered that the only credible news in the media was Buhari’s order that only old N200 notes should co-exist with the new notes.

A further search on the official Twitter handle of CBN revealed that the image in circulation was a pseudo image of the one pinned to the CBN’s official handle.

The pinned tweet debunked the claims that CBN authorized the collection of old N500 and N1000.

While the fake release said N200, N500 and N1000 remain a legal tender for 70 days ending May 1, the original release from CBN said that only old N200 notes will be a legal tender for 60 days ending April 10.

The original release reads, “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.

“Media practitioners are advised to PLEASE verify any information from the correct sources before publication.”

Conclusion

FactCheckElections can conclude that the release claiming that Buhari ordered CBN to accept old  N200, N500 and N1000 notes till May 1st is FALSE.

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