CBN Denies Telling Banks To Collect Old N500, N1000

The Central Bank of Nigeria has denied authorizing the Deposit Money Banks to collect the old N500 and N1,000 banknotes.

This was in reaction to messages flying across social media purportedly from the apex bank which is still adhering to the directive of President Muhammadu Buhari that only allows the N200 old note as legal tender while neglecting the other old notes.

The CBN’s reaction is contained in a statement signed by Osita Nwanisobi the Director, Corporate Communications.

It read in part, “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.”