CBN Denies Directing Banks To Collect Old N500, N1, 000 Notes

CBN has denied directing banks to collect old N500 and N1, 000 notes.

Glamtush reports that 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.

This online platform understands that in a statement by Osita Nwanisobi, CBN’s Director of Corporate Communications on Friday, the apex bank said for the avoidance of doubt the CBN is only reissuing and recirculating the old N200 banknotes and which is expected to circulate as legal tender for 60 days up to April 10, 2023, in line with President Muhammadu Buhari’s national broadcast on Thursday.

The CBN advised members of the public to disregard any message and/or information not formally released by the bank on this subject.

It also advised media practitioners to endeavour to verify any information from the correct sources before publication.

Buhari had in a nationwide broadcast on Thursday, directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days.

He, however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria.

The President also apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.

Meanwhile, his directive has generated reactions from different quarters with some in disagreement while others were in support.