CBN debunks report telling banks to collect Old N500, N1000 banknotes

Post created on 6:06 pm

Mr. Godwin Emefiele, Governor Central Bank of Nigeria (CBN)

The Central Bank of Nigerian has debunked reports of her directing commercial banks to accept N500 and N1000 notes from Nigerians.

This was issued in a press release by the apex bank shared on its official Twitter handle on Friday.

The statement read: “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 Banks to collect the old N500 and N1000 Banknotes.

“For 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.”