UPDATED: CBN Debunks Asking Banks to Collect Old N500, N1000 Notes

The Central Bank of Nigeria (CBN) has denied news reports saying it directed banks to start accepting the old N500 and N1000 notes.

The central Bank in a statement on Friday evening said the report was fake and unauthorised.

CBN spokesman, Osita Nwanisobi, said the apex bank strictly stands by the directive of President Muhammadu Buhari that only allows the old N200 note to circulate with the new one for a period of 60 days.

His words: “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 re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”

It was earlier reported that a CBN staffer said the bank would collect old N500 and N1000 notes. This comes a day after President Muhammadu Buhari ordered the apex bank to return old N200 into circulation, giving the deadline as April 10.


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