Only CBN can receive old N1000, N500 notes now, Emefiele insists

Contrary to information circulating online that the Central Bank of Nigeria (CBN) has directed Banks to start collecting the Old N1000 and N500 notes, National Daily can authoritatively confirmed that the information is not true.

Reacting to the information, the CBN has denied the trending story, adding that the news cannot be farther from the truth.

The spokesman of the Apex Bank in a press statement issued today, stated that there has not been a contrary directive to the one issued on Thursday by President Muhammadu Buhari directing those still in possession of the old Naira notes to deposit same at the CBN.READ ALSO: Naira crisis: Banks count losses, threaten to shut down operations

According to the CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi, the apex bank never gave the directive to banks to start collecting the old naira notes from customers.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes,” Nwanisobi said.

He noted that the central bank, for the avoidance of doubt, and in line with President Muhammadu Buhari’s broadcast on February 16, 2023, the CBN had been directed to only reissue and recirculate the old N200 banknotes as legal tender for 60 days up till April 10, 2023.

The statement reads; “This is to inform you that our branches shall receive old notes up to maximum of N500,000 ( Five hundred thousand naira) after registration on CBN porter.

“Please note that deposits of more than N500,000 ( Five hundred thousand naira) should be taken to the nearest CBN location.
“In addition, our branches would be open tomorrow, Saturday 18 February 2023 to receive old notes.

The CBN added, “Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.