The Central Bank of Nigeria (CBN) has denied reports that President Muhammadu Buhari approved the validity of old N500 and N1000 notes until May.

The fake press release was seen on the verified  Instagram page of Aisha Buhari, the wife of the president.

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This has caused confusion among Nigerians as to which notes are valid and for how long.

Tweeps and Instagram users received the news with mixed feelings.

While some of them praised the First Lady for the new development, others quickly pointed out the inherent bad grammar in the fake statement suggesting that it was a fake news.

Earlier, President Buhari had ordered the recirculation of only the N200 notes and stated that it would remain a legal tender until April 10.

However, the fake press release claimed that the old N500 and N1000 notes would also be recirculated and accepted as legal tender until May 1, 2023.

The CBN has issued a statement to clarify that the report is false and misleading.

The bank emphasized that only the N200 notes would be recirculated and remain a legal tender until April 10, 2023.

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The CBN urged Nigerians to disregard any information contrary to this official statement and continue to use only the N200 notes.