First Bank

Friday, February 17, 2023

We did not authorize banks to receive old N500 and N1000 notes - CBN

The Central Bank of Nigeria revealed it did not authorize Banks to collect old N500 and N1000 notes.

This was disclosed in a statement on Friday.

CBN describes the report as fake

CBN said: “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 recirculates the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”

Reports emerged that the CBN had given the directive, just 24 hours after President Buhari ordered the re-circulation of older N200 Notes.

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