[BREAKING]: CBN makes U-turn, denies authorising banks to collect old N500, N1,000 notes

The Central Bank of Nigeria (CBN) has denied reports credited to some of its officers which revealed that the apex bank has authorised commercial banks to start accepting the old N500 and N1,000 notes.

Newsupdate247 had earlier reported that the CBN had on Friday directed commercial banks to accept the old N500 and N1,000 notes even as First Bank of Nigeria also issued a public notice calling on its customers to deposit the old notes.

But a statement issued by the Director, Corporate Communications of CBN, Osita Nwanisobi, on Friday, the apex bank said it has not directed any banks to collect the old notes.It said that the only directive to the regulator from President Muhammadu Buhari was to reissue the old N200 note.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 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.”