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CBN denies directing banks to collect old N500, N1000 notes

The Central Bank of Nigeria (CBN), has denied directing commercial banks to collect old N500 and N1,000 from Nigerians, dismissing the reports to that effect as false.

Reports had emerged in some media outlets on Friday that the apex bank had made a u-turn and directed banks to collect old notes from Nigerians.

But reacting to the report on Friday, Osita Nwanisobi, CBN director of corporate communications, said the apex bank did not give such directive.

“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 apex bank 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 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.”

First Bank

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