Confusion As CBN Denies Directing Banks To Accept Old N500, N1000 Notes

• Commercial banks recently stopped collecting old N200, N500, and N1000 notes from customers, adhering to CBN’s February 10 deadline.

• However, President Muhammadu Buhari extended the validity of the old N200 note till April 10 which has done little to relieve the cash scarcity across the country.

• The CBN has reiterated that banks are still not allowed to collect the old N500 and N1000 notes.

Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has denied directing commercial banks to start accepting the old N500 and N1000 banknotes.

Recall that banks had complied with the February 10 deadline of the CBN, which phased out the use of old N500 and N1000 notes.

However, some media reports on Friday claimed that the apex bank had made a U-turn and directed the banks to start collecting the old notes from customers.

In a statement Friday evening, CBN spokesman, Osita Nwanisobi described the reports as fake and unauthorised.

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 notes 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,” the statement reads.

“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.

“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.”