CBN Refutes Directive To Banks To Collect Old N500, N1000 Notes From Customers

By Linda Ike

The Central Bank of Nigeria CBN has debunked reports going round from some media organisations that it had authorized the Deposit Money Banks (DMBs) to collect the old N500 and N1000 notes from customers.

The Director, Corporate Communication Department of CBN Mr. Osita Nwanisobi made this known in a statement on Friday, February 17, 2023.

He said, “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.

Nwanisobi urged members of the public to disregard any message or information not formally released by the Central Bank of Nigeria on this subject..

He advised media practitioners to always verify any information from the correct sources before publication.