JUST IN: CBN Denies Asking Banks To Accept Old N500, N1000 Banknotes

The Central Bank of Nigeria (CBN) has denied a news report (not LEADERSHIP) that claimed the central bank has instructed commercial banks to begin accepting the old N500 and N1000 banknotes.

The report was false and unapproved, according to a statement sent by the central bank on Friday evening.

The old N200 note may only circulate alongside the new one for a period of 60 days, according to President Muhammadu Buhari’s decree, according to CBN spokesman 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 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,” Nwanisobi stated.

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