The Central Bank of Nigeria had denied authorising Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

The apex bank, in a statement signed by its director of 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.”

“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 statement added.

Nwanisobi advised media practitioners to verify any information from the correct sources before publication.

Some media outlets had earlier reported that the CBN has instructed commercial banks in the country to start receiving the old N500 and N1,000 notes, a story that has gone viral on social media platforms.

Leave a Reply

Your email address will not be published. Required fields are marked *