BREAKING: CBN denies directing banks to collect old N500, N1,000 notes

The Central Bank of Nigeria (CBN) has said it has not given any directive to banks in the country to collect old N500 and N1,000 notes from Nigerians as claimed by some media reports.

In a statement issued by the bank today, the Director, Corporate Communications, Osita 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”.

The statement adds, “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 bank then called on media practitioners to “please verify any information from the correct sources before publication”.