Confusion: As CBN disowns order for banks to collect old N500 and N1,000 notes
••Says it was only asked to reissue and recirculate the old N200 notes
By Silas Onuoha
The Central Bank of Nigeria (CBN) has said it did not order deposit money banks to collect the old N500 & N1,000 banknotes as being speculated around the country.
Not long after the news was circulated on Friday, Osita Nwanisobi, CBN’s Director of Corporate Communications, urged the public to disregard the news.
The bank said it was only asked to reissue and recirculate the old N200 notes.
According to press release signed by Osita Nwanisobi,
“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. The statement reads.
