We have not authorised banks to collect old N500, N1,000 notes, says CBN

Contrary to reports, the Central Bank of Nigeria (CBN) said on Friday that it has not authorised commercial banks to start accepting old N500 and N1,000 notes.

In a statement refuting the story, the Director, Corporate Communications of the CBN, Mr Osita Nwanisobi, said the reissue of the old N200 note was the only directive the apex bank got from President Muhammadu Buhari.

“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,” he said.

However in a swift response to the false CBN’s directive, some banks including First Bank and EcoBank, had already asked their customers to bring their old notes of N500 and N1000 for deposit on Saturday, February 18.

They, however, stated that the amount to be collected from each customer won’t exceed N500,000, advising those exceeding the limit to take their old naira notes to the CBN office.

The banks urged the customers to generate code, print it out from the CBN portal before coming to the banks.

The FirstBank public notice reads: “Dear Valued Customer, this is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 after registration on the CBN portal.

“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 will be open tomorrow, Saturday 18 February 2023 to receive old notes.”

Persecondnews reported that Buhari had on February 16 said the old N200 note should be reissued and circulate till April 10, 2023, while the old N500 and N1,000 notes have ceased to be legal tender.