UPDATE | CBN Denies Authorising Banks to Collect Old N500, N1000 Notes from Customers

The  Central Bank of Nigeria (CBN) has denied authorising commersial banks to collect old N500 and N1,000 notes from customers. The notes are no longer legal tender in Nigeria.

In a  statement, CBN director of corporate communications, Osita Nwanisobi, urged the general public to disregard the report.

*Full text of the statement…

“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.”