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CBN Denies Ordering Banks To Accept Old N500, N1000 Notes

The Central Bank of Nigeria (CBN) has denied ordering Deposit Money Banks (DMB) to accept deposits of old N500 and N1000 notes from the public.

In a statement released on Friday, CBN’s corporate communications director, Osita Nwanisobi, denied the central bank directed commercial banks to accept deposits of old N500 and N1000 notes.

Nwanisobi said Nigerians should ignore the report that the CBN has authorised commercial banks to accept deposits of old notes.

According to the director, the CBN is only working with the directive of President Muhammadu Buhari, which is to reissue and recirculate the old N200 banknotes alongside the new N200, N500 and N1,000 notes.

President Buhari disclosed during his nationwide broadcast on Thursday, 16 February 2023, stating that the old Naira notes should be deposited to the central bank.

“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,” CBN wrote in the statement.

However, the Twitter post is seen to have contradicted n earlier statement posted on the central bank’s website regarding old naira notes.

In a statement addressing persons looking to deposit the old N500 and N1,000 banknotes, the CBN had said Nigerians can deposit them at commercial banks.

“…generate reference and print out receipt for you to proceed to your selected bank branch to deposit your old N1000, N500 and N200 notes into your bank account.”

Fakoyejo Olalekan