CBN Debunks Authorising Banks To Accept Old N500, N1000 Notes

The Central Bank of Nigeria (CBN) on Friday debunked claims that it ordered commercial banks to accept the old N500 and N1,000 banknotes.

Osita Nwanisobi, the spokesperson of the apex bank, in a statement described the claims as “fake and unauthorized”.

Reports on Friday claimed that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from the public. The reports claimed that the apex bank pegged the maximum amount the banks could collect from their customers at N500,000.

But in a swift reaction, the CBN urged Nigerians to disregard the claims as it never authorised the banks to take such decisions.

“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,” the statement said.

“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 recirculates 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.”

The bank urged “media practitioners” to verify any information “from the correct sources before publication.”

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button