CBN denies media report on directing Deposit Money Banks to collect old N500, N1, 000 Banknotes

 Central Bank of Nigeria(CBN) has  denied the media reports making the rounds that  the apex bank has directed Deposit Money Banks to collect old N500, N1, 000 Banknotes.

A Press Release signed by Mr Osita Nwanisobi, Director, Corporate Communications, Central Bank of Nigeria (CBN) on the Apex bank website stated that 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 bank notes 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.

Recall, some media have reported  that the Central Bank of Nigeria, (CBN) has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

The apex bank, however, pegged the maximum amount the banks can collect at N500,000.

The CBN maintained that the old currencies were no more legal tender.

A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.

A CBN official said, “Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”

Earlier, the CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

On Thursday, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians.

This was after the President, Muhammadu Buhari, said the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.

Accordingly, the CBN has maintained that “it has been directed to ONLY reissue and recirculate the old N200 bank notes 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.”