CBN denies asking banks to accept old N500, N1000 banknotes

CBN denies asking banks to accept old N500, N1000 banknotes

Promise Eze

The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has directed deposit money banks (DMBs) operating in the country to accept the old N500 and N1,000 notes from their customers.

Recall it was reported that CBN mandated Deposit Money Banks to collect old N500, and N1,000 notes from customers with reference code generated from its website.

However, 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.

“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.

“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,” Nwanisobi said.

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