CBN denies asking banks to collect old N500, N1,000 notes


The Central Bank of Nigeria (CBN) has debunked reports that it directed commercial banks to accept old N500 and N1,000.

It was earlier reported that the apex bank gave a directive to banks on Friday, asking them to start collecting old N500 and 1,000 notes from customers who deposit less than N500,000.

But CBN in a statement by its Director, Corporate Communication, Osita Nwanisobi, said it didn’t issue a such directive to banks.

The statement read, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages, quoting the CBN as having authorised 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, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10.

“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.”