CBN: No Directive to Banks to Collect Old N1000, N500 from Customers

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Friday refuted media reports that it had authorised the Deposit Money Banks (DMBs) to collect the old N500 and N1,000 banknotes from customers and members of the public.

CBN Director,  Corporate Communications Department, Mr. Osita Nwanisobi, disclosed this in a statement.

He said, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes.”

The central bank clarified that for the avoidance of doubt, and in line with President Muhammadu Buhari’s broadcast on February 16, 2023, the CBN had been directed to only reissue and recirculate the old N200 banknotes as legal tender for 60 days up till April 10, 2023.

The CBN added,  “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 sources before publication.”