February 26, 2024

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Breaking: CBN Debunks Claim of Authorization to Banks to Collect Old N500 and N1,000 Notes

CBN - BVN, NIN, New accounts broad money

CEM REPORT, FINANCE | Central Bank of Nigeria has debunked the information going round about authorization given to commercial banks to collect old N500 and N1,000 notes. The apex bank calls it a fake news and has asked the general public to disregard it.

In a statement issued on Friday, CBN insist that following President Buhari’s broadcast, the apex bank has been directed to reissue and circulate the N200 banknotes and is expected to maintain its legal tender status for 60 days from the day of President’s broadcast up to April 10.

CBN statement reads:


“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.”

A message has been circulating especially on social media claiming that CBN has directed deposit money banks to collect the old N500 and N1,000 notes from customers.

Following the press statement, this information is fake


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