Central Bank of Nigeria, CBN has distanced self from some media reports indicating that the apex bank has ordered commercial banks to start collecting the old 500 and 1000 naira notes from customers.

CBN in a press release signed by Osita Nwanisobi, Director, Corporate Communications Department, Central Bank of Nigeria and made available few minutes ago said the news report is fake and the apex bank never asked commercial banks to help collect the old 500 and 1000 naira notes as wrongly speculated in some media.

“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 500 and 1,000 naira 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 200 naira 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”, CBN stated.