Confusion, As CBN Denies Directing Banks To Collect Old N500, N1000 Notes

Ola ‘Kiya, Reporting

Embattled Central Bank of Nigeria (CBN) has denied ever directing commercial banks in the country to commence the deposit of old N500 and N1000 notes from the public.

This was debunked in a terse statement issued by Director, Corporate Communications, Mr. Osita Nwanisobi, shortly after the initial supposed directive went viral. 

He stated that “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.”