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Friday, June 2, 2023

CBN denies directing banks to collect old N500, N1000 notes

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The Central Bank of Nigeria (CBN) has disowned a purported order directing all commercial banks to collect old .N500 and N1000 notes from customers as published in some news platforms.

The apex bank disassociated self from the said publication in a statement obtained by AFRIPOST on Friday.

A source quoted the CBN saying,  “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.”

But in a statement by CBN’s Director of Corporate Communications Osita Nwanisobi on Friday, the apex bank said the apex 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 also advised media practitioners to endeavour to verify any information from the correct sources before publication.


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