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The man behind the misinformation by the Central Bank of Nigeria regarding the old naira notes has been unmasked as Osita Nwasinobi.
It was reported that many people flocked to the CBN’s various branches across the country after President Muhammadu Buhari ordered that they bring their old N500 and N1000 notes to the central bank.
People were instructed to return to their local Deposit Money Banks (DMBs) to deposit old notes as the exercise appeared to get disorderly and out of control and bank authorities struggled to regulate the mob that kept growing.
Following that, the CBN issued a directive to commercial banks ordering them to begin the collection of the old N500 and N1000 notes.
“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.
“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.
“Kindly comply accordingly. Thank you,” the CBN memo sighted by Daily Trust, addressed to Branch/Operational Managers of banks read.
Journalists contacted Osita Nwasinobi, Director, Corporate Communications Department, CBN, to authenticate the veracity of the memo, and he acknowledged that the instruction was explicit.
Nwasinobi’s confirmation of the development coincided with the report going widespread on social media. Relieved Nigerians exhaled and said they would go to their banks the next day.
Yet in less than an hour, Nwasinobi released a statement in which she claimed that the CBN had not given banks permission to accept outdated currencies.
Along with reversing himself, he also accused the media of peddling fake information, which sparked a fierce backlash.
“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,” his statement read.
While the media was taking the heat as a result of wrong labeling by the CBN spokesman, commercial banks who had posted the notice on social media, started pulling them down, triggering confusion.
A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We were even directed to work Saturday and Sunday, except on election weekend.”
A customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.
Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.
Meanwhile, commercial banks had issued public notices to customers to bring old notes, with effect from Saturday.
Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line rang out.
ENigeria Newspaper
