CBN denies asking banks to accept old N500, N1000 notes from customers

The Central Bank of Nigeria (CBN), says it never directed commercial banks to collect old N500 and N1,000 from customers.

Reports had emerged on Friday that the apex bank had made a u-turn and directed banks to collect old notes from Nigerians.

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However, reacting to the report in a statement on Friday afternoon by Osita Nwanisobi, its director of corporate communications, the apex bank said it never gave such directive.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CB 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 CB 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.”