CBN disagrees with Old N500, N1000 Notes Collection Order to Commercial Banks

The Central Bank of Nigeria has disagreed with a popular message which stated that the Apex Bank has directed Commercial Banks to start collecting N500 and N1000 Notes, upon filling the CBN Form.

The CBN in a Press Statement signed by its Director of Corporate Communications, Osita Nwanisobi, on Friday, stated that in line with President Muhammadu Buhari's Broadcast on 16th February, 2023, the CBN has only been authorised to reissue and recirculate the old N200 Banknote, which is expected to circulate as a legal tender for only 60 days.

"The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorised the Deposite Money Banks to collect the Old N500 and N1000 Banknotes.

"For the avoidance of doubt and in line with Mr President's broadcast on 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", the CBN stated.

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The Apex Bank urged members of the public to disregard any message and/or information not formally released by the CBN on the above subject.

The CBN also warned Media Practitioners to always verify any information from the correct sources before publication.

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