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Drama As CBN Differ On Collection Of Old N500, N1000 Notes 

The Central Bank of Nigeria (CBN) has debunked the stories widely circulated  online asking banks to start collecting old N500 and N1,000 notes from customers.

In a statement on Thursday, Director, Corporate Communications Department, Osita Nwanisobi, said the CBN has only been directed to reissue and recycle old N200 notes.

“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 bank said.

Earlier, Nwanisobi had confirmed to journalists that any amount below N500,000 could be deposited at commercial banks.

A bank had even asked its customers to start bringing in old notes from Saturday.

But shortly after Nwasinobi released the statement, the bank deleted a tweet through which it announced the collection of old notes.


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