CBN Denies Ordering Banks To Collect Old N500, N1,000 Notes

The Central Bank of Nigeria (CBN) has denied ordering banks to collect the old N500 and N1,000 notes from customers and members of the public.

KanyiDaily recalls that a source from the bank had claimed that the CBN ordered the banks to collect the old currencies following difficulties encountered in getting access to the bank.

A top CBN official, who disclosed this, pegged the maximum amount the banks can collect at N500,000.

The CBN official said, “Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”

However, in a statement on Friday, the CBN Director, Corporate Communications Department, Osita Nwanisobi, denied the report and urged the public to disregard the information.

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The statement reads, “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.

“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.

“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.”

KanyiDaily recalls that President Buhari had declared that only the old N200 note would be recirculated until April 10, while the old N1,000 and N500 notes have ceased to be legal tender since February 10, 2023.