UPDATE: We Never Authorised Banks To Accept Old N500, N1000 Banknotes -CBN gives fresh directives

Old Naira notes
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OUPDATE: We Never Authorised Banks To Accept Old N500, N1000 Banknotes
-CBN gives fresh directives

The Central Bank of Nigeria (CBN) has debunked viral report that the apex bank has ordered commercial banks to start accepting the old N500 and N1000 banknotes.

The central Bank in a statement on Friday evening said the report was fake and unauthorised.

CBN spokesman, Osita Nwanisobi, said the apex bank strictly stands by the directive of President Muhammadu Buhari that only allows the old N200 note to circulate with the new one for a period of 60 days.

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“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.

Naira notes
Naira notes


“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

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Osita Nwanisobi warned the Media to desist from peddling falsified reports, but rather endeavour to always verify same form appropriate bodies.

“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.

However, earlier on Friday, February 17, some Medi organisations had alleged that CBN had given banks a fresh directive differently from the previous order, Famousreporters.com can confidently report.

By Famous Reporters

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