CBN Denies Order On Commercial Banks To Collect Old N500, N1,000 Notes 

The Central Bank of Nigeria, CBN has denied media reports that it had authorised commercial banks to start accepting the old N500 and N1,000 notes.

The reports had quoted unnamed sources at the apex bank as having instructed the commercial banks to accept the old notes subject to a maximum of N500,000.

In denying the reports, the bank said that the only directive to the regulator from President Muhammadu Buhari was to reissue the old N200 note.

Director, Corporate Communications of CBN, Osita Nwanisobi, made the disclosure in a statement made available to The Star on Friday, February 17, 2023.

The statement reads: “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,” the CBN said in denying the notice on the acceptance of the old notes.

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