The bank said it is only reissuing the old N200 as approved by the president.

The Central Bank of Nigeria (CBN) on Tuesday debunked claims that President Muhammadu Buhari approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.

In a statement signed by the spokesperson of the bank, Osita Nwanisobi, the apex bank described the claims as "fake".

The bank said it is only reissuing the old N200 as approved by the president.

"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," the statement said.

"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."

The CBN's disclaimer comes amid uncertainty over the scarcity of the newly redesigned currency notes.

Cash Crunch

Last week, PREMIUM TIMES reported how motorists and major sales outlets across the country refrained from the collection of the old notes.

Many Nigerians have had a hard time doing business and making payments for goods and services due to the cash crunch.

Last Thursday, Mr Buhari in a national broadcast announced the approval of the continued use of the old N200.

Admitting the difficulties that have followed the new naira policy, the president insisted that the CBN's directive on the phasing out of the old N500 and N1,000 remains.