Multiple Confusion: CBN denies authorizing deposit money banks to collect old N500, N1,000 notes

Just few hours after reports that the Central Bank of Nigeria (CBN), allegedly ordered commercial banks to collect the old N500 and N1000 notes, instead of going to the CBN office following difficulties encountered in getting access to the bank, the apex bank has denied any such development.

In a press statement signed by the Director, Corporate Communications of the CBN, Osita Nwanisobi, the apex bank 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 CB 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.

Osita Nwanisobi
Director, Corporate Communications Department Central Bank of Nigeria

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