Naira redesign: CBN denies asking banks to accept old N500, N1000 notes

By Abubakar Ojimaojo

The Central Bank of Nigeria (CBN) has refuted a news report (not PeoplesDaily) quoting a source in the bank as saying that the apex bank has ordered commercial banks to start accepting the old N500 and N1000 banknotes.

The central Bank in a statement on

Friday evening said the report was fake and unauthorized.

CBN spokesman, Osita Nwanisobi, said the apex bank strictly stands by the directive of President Muhammadu Buhari that only allows the old N200 note to circulate with the new one for a period of 60 days.

“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 re-issue 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,” Nwanisobi stated.

...Naira scarcity: violence breaks out in Lagos

There were reports of violence and fighting around the Ojota/ Mile 12 axis in Lagos on Friday morning over the scarcity of the newly redesigned naira notes across the country and the hardship it has caused Nigerians.

According to some social media reports, gunshots were reportedly heard around that axis with many scampering for safety as it was gathered that some suspected touts in Mile 12, Ketu, and Ojota areas on the expressway, took to the road attacking commuters in the process and creating chaos.

Some suspected louts in the area –Mile 12, Ojota, and Ketu – took over the Lagos-Ikorodu Expressway, attacking some commuters in the process.

Lagos Police Command confirms the unrest

Meanwhile, the Lagos State Police Public Relations Officer, Benjamin Hundeyin, had earlier in a tweet post on his official Twitter account confirmed the unrest happening in the Mile 12 area of Lagos State.

While responding to a tweet asking him to confirm the incident, Hundeyin replied, “ It is true. Our men are there. Reinforcement units have been deployed. Stay safe out there as we closely monitor and manage the situation.”

Normalcy restored

However, Hundeyin in a followup statement on his official Twitter account confirmed that normalcy has been restored following the incident.

He said, “Free movement of vehicles and people fully restored. Our officers and men are still on the ground to prevent any breakdown of law and order,” he tweeted on his handle. “If you see something, say something.”

There were also unconfirmed earlier reports of violence over the new naira scarcity in some parts of Agege, although it was reported that normalcy is gradually returning to that axis.

PEOPLES DAILY Weekend gathered that this new protest is coming a day after President Muhammadu Buhari in a nationwide broadcast, said while the old N1,000 and N500 are no longer legal tenders, the N200 banknotes will still be in use until April 10, 2023.

There has been growing anger and frustration by Nigerians across the country over the naira scarcity caused by the CBN’s naira redesign policy with protests and violence spreading across some states leading to the destruction of properties including some bank ATMs, POS shops, and even reported the loss of lives.

The violence, which paralyzed social and economic activities in the Edo and Delta states, also claimed 3 lives while many others were injured during the riot.

The protests equally spread to Oyo, Ondo, Benue, and Kwara states as residents vented their anger over the scarcity of cash which had made life unbearable for many Nigerians.