We didn’t direct banks to collect old N500 and N1,000 notes — CBN

The Central Bank of Nigeria (CBN) has debunked media reports that it directed commercial banks to collect the old N500 and N1,000 notes from the general public.

Recall that TheCable earlier reported that CBN’s Director of Corporate Communications, Osita Nwanisobi, said this on Friday, February 17.

However, debunking the report, CBN in a statement signed by Nwanisobi 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 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.“

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