CBN debunks reports directing banks to accept old N500, N1,000 notes 

By Business AM

The Central Bank of Nigeria (CBN) has debunked claims that commercial banks have been authorised to receive the old N500 and N1,000 notes.

CBN, in a press release via its official Twitter handle @cenbank, maintained that it stood by the directive of President Muhammadu Buahari that the old N500 and N1,000 notes are no longer legal tender.

The statement was signed by Osita Nwanisobi, director,corporate communications department of the central bank and read: “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 reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10,2023.”

The apex bank urged members of the public to disregard any message and/or information not formally released by the Central Bank of Nigeria on the subject. Media practitioners were also advised to verify any information from the correct sources before publication.

Prior to the development, various media platforms had reported that the CBN had designated commercial banks to collect the old N500 and N1,000 notes from members of the public with immediate effect.

It was also rumoured that the commercial banks were only  directed to accept a maximum deposit of N500,000 from each customer, while deposits above N500,000 could only be made at CBN branches across the country.