CBN Debunks Alleged Report Authorising DMBs To Collect N500, N1000 Naira Notes

The Central Bank of Nigeria (CBN) has denied authorising Deposit Money Banks (DMBs) to collect the old N500 and N1000 notes on behalf of it.

It reiterated that the situation with respect to the old and new Naira notes remain as directed by President Muhammadu Buhari in his Thursday broadcast to the nation.

In a statement by the CBN Director, Corporate Communications, Osita Nwanisobi, the apex bank urged the public to “disregard any message
and/or information not formally released by the Central Bank of Nigeria on this
subject.”

The full text of the statement reads:

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.

Osita Nwanisobi
Director, Corporate Communications