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We Didn’t Direct Banks to Collect Old N500, N1,000 Notes, Says CBN

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The Central Bank of Nigeria (CBN), has denied reports that it has authorised banks to collect the old N500 and N1,000 banknotes from customers.

Director, Corporate Communications of the apex bank, Osita Nwanisobi, said in a statement, that the CBN will only abide by the approval of President Muhammadu Buhari that it should reissue and recirculate the old N200 banknotes till April 10.

“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.

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

The CBN was said to have opened a portal for citizens with old N500 and N1,000 notes to register for the deposit of the old notes.

They will thereafter get a reference code, which will be used to deposit the old notes at any of the CBN offices nationwide.

Reports on Friday quoted a CBN source that the bank authorised customers with less than N500,000 of the two notes to deposit them in the CBN offices, while any amount less than that should be deposited in the banks.

Buhari, had in a broadcast said to further ease the supply pressures, particularly to our citizens, following the Naira redesign policy, he approved that the old N200 bank notes be recirculated be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.

“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” he added.

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