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Naira redesign: CBN vows to arrest, prosecute those spreading fake news

The Central Bank of Nigeria (CBN) has threatened to investigate, arrest and prosecute persons spreading fake news about the naira redesign policy.

The threat by the apex bank follows a recent purported press release suggesting that President Muhammadu Buhari has directed the reissue and recirculation of the old N200, N500, and N1,000 notes till May 1, 2023, a report the CBN described as fake news.

This was made known on Tuesday in a statement jointly signed by the CBN’s Deputy Governor, Corporate Services, Edward Adamu, and Director, Corporate Communications, Osita Nwanisobi.

CBN in the statement maintained that it would only abide by the directive of President Buhari to re-issue old N200 notes as legal tender until April 10, 2023.

CBN to arrest and prosecute purveyors of fake news

  • The statement read, “The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank to the effect that President Muhammadu Buhari has approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.
  • “For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr. President, only N200 old notes are to be reissued and to circulate concurrently with the new notes. Members of the public are therefore advised to ignore this fake news.
  • “The Bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news. Please be guided accordingly.”


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