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UPDATE: We did not authorize banks to collect old N500 and N1,000 notes – CBN

Published

2 years ago

February 17, 2023

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The Central Bank of Nigeria, CBN, has said it did not direct banks to collect the old N500 and N1000.

Director, Corporate Communication, Mr. Osita Nwanisobi stated this in response to media reports that the apex bank has directed commercial banks to collect the old N500 and N1,000.

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 bank notes 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.