BREAKING: CBN Distance Self from Report Claiming it Authorize Commercial Banks to Collect old 500 Naira Notes

By Iyojo Ameh

The Central Bank of Nigeria has distanced itself from report making rounds in some media that it has given authorization to commercial banks to collect the old 500 Naira notes.

This was contained in a release signed by Mr. Osita Nwanisobi, director Corporate Communications.

The release 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 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.