JUST-IN: CBN faults online reports on banks collecting old N500, N1,000 banknotes

The Central Bank of Nigeria (CBN) has debunked online reports, which said it directed banks to collect old N500 and N1000 banknotes from customers.

Numerous online platforms and prints on Friday reported that the CBN makes a U-turn and directed banks to start collecting the old naira banknotes amid nationwide protests. CBN orders banks to collect old N500, N1,000 notes: https://westernpost.ng/just-in-cbn-orders-banks-to-collect-old-n500-n1000-notes/

Director, Corporate Communications, CBN, Osita Nwanisobi in a statement obtained by Westernpost on Friday said: “The attention of the CBN 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.

“Media practitioners are advised to PLEASE verify any information from the correct sources before publication.”