CBN Denies Directing Bank To Collect Old N500, N1000 Notes

CBN’s Press Release On Old Naira Notes

Central Bank of Nigeria (CBN) has debunked claimed that it directed banks in the country to start collecting the old N500 and N1000.

The bank in a statement issued and signed by its Director, Head Corporate Communication Department, Osita Nwanisobi.

Nwanisobi therefore urged members of the public to disregard the information and any message and/or information not formally released by the Central Bank of Nigeria on this subject.
He equally appealed to the media practitioners to always verify any information from the correct sources before publication. 

The statement reads; “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 recirculate the old N200 banknotes and this is expected to circulate as legal tender for 6O 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.”