JUST IN: CBN makes U-turn, denies authorising banks to collect old N500, N1,000 notes

The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has authorized deposit money banks to collect the old N500 and N1,000 banknotes.

SOLACEBASE had earlier reported that the CBN had on Friday directed commercial banks to accept the old N500 and N1,000 notes even as First Bank of Nigeria also issued a public notice calling on its customers to deposit the old notes.

However, in a statement by Osita Nwanisobi, CBN’s Director of Corporate Communications on Friday said the report was fake and not unauthorized.

It said the apex bank strictly stands by the directive of President Muhammadu Buhari that only allows the old N200 note to circulate with the new one for a period of 60 days.

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“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 re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.