Nigeria’s financial sector plunged into deeper confusion, viral messages from First Bank and UBA to customers expose cover-up by apex bank + how investigation by Platforms Africa put a question mark on a rebuttal by CBN
The Central Bank of Nigeria (CBN) has disowned an earlier order credited to it that banks should collect old N1000 and N500 notes, declaring that commercial banks that do that, do it at their own risk.
Quoting a top management staff of the CBN, PUNCH Newspaper has earlier reported that the apex bank had ordered deposit banks to collect the old notes. Findings by Platforms Africa confirmed this.
Statements from the First Bank and United Bank for Africa (UBA) asking customers to come and deposit old N1000 and N500 notes also went viral on Friday evening. The statements, which gave credence to PUNCH story, also added that the banks would open on Saturday to collect up to N500,000 of the old notes each from customers.
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A statement by CBN, issued about 6 hours later, however debunked the claims.
The statement read; “The attention of the Central Bank of Nigeria (CBN) 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.”
Therefore, Osita Nwanisobi, Director Corporate Communications advised and appeal to media practitioners to verify any information from the correct sources before publication.
Investigation by Platforms Africa on the website of CBN as at 7:22 pm on Friday, after the apex bank released a rebuttal, showed that the CBN still has a form for depositors of old N1000 and N500 notes indicating that they (depositors) could choose a commercial bank to deposit their money.
Our correspondent even filled the form partly to show that it was still active as at the time of this report.
This form, coupled with the statements reportedly from First Bank and UBA, put a big question mark on the rebuttal issued by the apex bank.
Reacting, Team Lead, Platforms Africa, Adeola Yusuf, said that at this moment, journalists should be more careful in order not to be used as megaphones by vested interests including CBN to project their stands and sides. The only stand and side worthy of being projected, now and always, is the side of truth and the stand for the people.”
