Nigeria: CBN Denies Authorising Banks to Collect Old N500 and N1000 Notes

The Central Bank of Nigeria, CBN, on Friday evening dismissed reports that it authorized commercial banks to collect the old 500 and 1000 naira notes. 

Despite the spread of protests across the country over the scarcity of the new naira notes, the CBN says it stands by the order of President Muhammadu Buhari that only the old 200 naira note remains legal tender until April 10, 2023. 

In a statement released by the CBN spokesman, Osita Nwanisobi, 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 re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

The apex bank therefore urged the general public to dismiss messages and/or information that are not  formally released by the CBN on this issue. 

He further said; “Media practitioners are advised to please verify any information from the correct sources before publication.”

Eloho Otugo

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