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CBN Denies Directing Banks To Collect old N500, N1000 Notes From Customers

The Central Bank of Nigeria (CBN) has urged members of the public to disregard any information directing them to deposit their old N500, N1000 notes with their banks.

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Old N500, N1000 Notes

The Central Bank of Nigeria (CBN) has urged members of the public to disregard any information directing them to deposit their old N500, N1000 notes with their banks.

VerseNews reports that the CBN Director, Corporate Communication Department, Mr. Osita Nwansisobi in a press release on Friday said such information is false and misleading to members of the public.

The statement reads; “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 old N500 and N1000 Banknotes.

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“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.

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“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on the subject.

“Media practitioners are advised to lease verify any information from the correct sources before publication.”

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