CBN Denies Claims Instructing Banks To Collect Old N500, N1, 000 Notes

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(CBN) The Central Bank of Nigeria has denied reports making circulating that it has authorized commercial banks to collect the old N500 and N1,000 banknotes.

In a statement issued by CBN’s Director of Corporate Communications Osita Nwanisobi today (Friday), the apex bank said it is only reissuing and recirculating the old N200 banknotes which is expected to circulate as legal tender up to April 10, 2023, in line with President Muhammadu Buhari’s directive.

The CBN advised the public to disregard any message and/or information not formally released by the bank on this subject. It further advised media practitioners to always verify any information from correct sources before publication.

Recall, President Muhammadu Buhari had in a nationwide broadcast on Thursday, directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days.