CBN Denies Authorizing Banks to Accept Old N500, N1,000 Notes

The Central Bank of Nigeria (CBN), has denied authorizing deposit money banks (DMBs) to collect the old N500 and N1,000 currency notes from members of the public. Various media platforms were late Friday evening flooded with news that the apex bank has directed DMBs to collect the phased out N500 and N1,000 notes.
In a swift reaction, CBN denied authorizing licensed commercial banks to collect the old notes from members of the public. The denial by the apex bank was contained in a terse statement signed by its Director of Corporate Communications, Mr Osita Nwasinobi.
Below is the full text of the statement;
“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 source before publication”.
End.