Buhari Insists Old N500, N1000 Can Only Be Deposited At CBN Offices

President of the Federal Republic of Nigeria, Muhammadu Buhari has insisted that no going back on the usage of the old 500 and 1000 naira notes he had earlier placed its deadline on February 10, 2023.

President Muhammadu Buhari made this known on Thursday morning in a Nation wide broadcast.

OsazuwaAkonedo apologies for the earlier headline titled: “Buhari Extends N200, N500, N1000 Usage Till April 10, Banks To Release Only N200 Notes”, which could mean to some persons that the old 500 and 1000 naira notes can still be used for business transactions till April 10, 2023.

For the purpose of clarity, President Muhammadu Buhari in paragraph 17 in his nation wide broadcast insisted that such old naira notes can only be deposited at the Central Bank of Nigeria, CBN Offices and other designated points in the country.

“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points”, President Muhammadu Buhari said.

Stressing, only old 200 naira note is permitted to be used for business transactions till April 10, 2023.

It would be recalled that Kaduna State Governor, Nasir El-Rufai yesterday said he received calls from some officials in the Presidency, who alleged that the old 500 and 1000 naira notes have been destroyed by the CBN.

Governor Nasir El-Rufai disagreed with the move to circulate only the old 200 naira notes, adding, the old 200 naira notes not enough and it alone can not address the current hardship being experienced by Nigerians due to naira scarcity causing violent protests in some parts of the country.

Meanwhile, three persons died on Wednesday in Benin, Edo State after a protest at the entrance of the state branch of the Central Bank of Nigeria turned violent.

It was gathered that residents who were still in possession of the old notes had stormed the CBN office early in the morning to collect the form to enable them to deposit their money as directed by the CBN.

While they were waiting to be attended to, a Hilux truck, with some officials, which was trying to make its way into the bank premises was prevented from gaining access to the bank by the residents.

However, the situation turned violent as some of them (the residents) attacked the vehicle and the vehicle went back while the police at the entrance of the bank calmed the situation. Two people were feared to have died in the ensuing melee.

This led to the angry protesters attacking virtually all the banks along the Akpkakpkava road, destroying their ATM points and buildings. Some of the banks affected are Sterling Bank, UBA, GTB, Access, Zenith, Stanbic IBTC and others.

The violence degenerated into a full-fledged protest as the enraged residents took over the Ring Road (city centre) throwing stones at anything in sight.

At Upper Sakponba, the protesters attacked the United Bank for Africa, destroying a part of the bank as staff scampered for safety.

One middle-aged man died in that area. The Third Junction was also blocked as motorists and a batch of police officers were prevented from entering Upper Sakponba and gaining access into the MM way.

To restore peace and order in the metropolis, soldiers and policemen were dispatched to the affected area and prisons to prevent jailbreaks.

Also, members of the Edo State Security network also dismantled the roadblocks set up by angry residents in a different part of the city. Vigilantes also joined the security personnel to patrol the streets.