Monday, December 4, 2023
HomeNewsCBN Dispels Media Reports Directing Banks To Collect N1,200, N500 Notes

CBN Dispels Media Reports Directing Banks To Collect N1,200, N500 Notes

The Central Bank of Nigeria, CBN, has dispelled media reports that it directed banks to collect old N1,000 and N500 notes.

Multiple media outlets excluding ThePrint Nigeria had earlier on Friday reported that the CBN gave directives to banks to accept deposits not above N500,000 of old N500 and N1000 notes.

But the apex bank said in a statement by its spokesman, Osita Nwanisobi, that it still abides by the presidential directive of using only old N200 as a legal tender.

“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.

“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,” Mr Nwanisobi added.




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