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Naira Policy: Banks not directed to collect old N500, N1000 banknotes from consumers –CBN

Mr. Godwin Emefiele, Governor of CBN

*The Central Bank of Nigeria clarifies the Bank directed the commercial banks ‘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’

Isola Moses ConsumerConnect

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

Mr. Osita Nwanisobi Director of Corporate Communications at CBN, in a terse statement issued Friday, February 17, 2023, said: “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.”

Old N500, N1000 notes

The CBN also urged members of the public to disregard “any message or information not formally released by the Central Bank of Nigeria on this subject.”

Nwanisobi stated: “Media practitioners are advised to please verify any information from the correct sources before publication.”

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