We Didn’t Authorise Banks To Collect Old N500, N1,000 Notes – CBN

Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi.

The Central Bank of Nigeria (CBN) has dismissed reports suggesting it has authorised Deposit Money banks to collect the old N500 and N1,000 Banknotes.

Director, Corporate Communications, CBN, Osita Nwanisobi dismissed the fake report in a statement on Friday, February 17, 2023.

CBN said, in line with Mr. President’s broadcast of February 16, 2023, it has been directed to ONLY reissue and recirculate the old N200 banknotes and this was expected to circulate as legal tender for 60 days up to April 10, 2023.

The apex bank therefore, urged the members of the public to disregard any message and/or information not formally released by it on the subject.

The statement in part read: “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.

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

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