We did not authorize banks to collect N1000, N500 notes – CBN warns

The Central Bank of Nigeria (CBN) has denied issuing a directive to banks regarding the collection of old N500 and N1,000 banknotes, as previously reported by some media outlets.

In response to these reports, the Director of Corporate Communication, Mr. Osita Nwanisobi, clarified that the CBN has not authorized Deposit Money Banks to collect these old banknotes.

Mr. Nwanisobi emphasized that the only directive given by the CBN, in line with the President’s broadcast of February 16, is to re-issue and recirculate old N200 banknotes. These banknotes will be considered legal tender for a period of 60 days until April 10. He urged the public to ignore any unauthorized messages or information on this subject and advised media practitioners to verify information from credible sources before publishing it.

Press Release.

“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.

This was announced by the CBN Director of Corporate Communications, Osita Nwanisobi today, February 17, 2023.