CBN denies directing banks to accept old N1000, N500 Notes, ask Nigerians to disregard order

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CBN has denied directing banks to accept old N1000, N500 Notes, ask Nigerians to disregard the information.

The Central Bank of Nigeria says it has not directed commercial banks to continue with the collection of the old N1,000 and N500 notes from members of the public. The apex bank said such reports were fake and did not emanate from its management.

A statement issued by CBN’s Director, Corporate Communications, Osita Nwanisobi, said the apex bank was fully complying with the directive of President Muhammadu Buhari on the collection of the only N200 notes.

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. Advertisements “Media practitioners are advised to PLEASE verify any information from the correct sources before publication”, the statement read.

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