CBN Insists No Bank Should Accept Old N500, N1,000 Notes

By Ayodele Oni

The Central Bank of Nigeria (CBN) has again reiterated that deadline for banks to collect old N500 and N1000 notes from customers has expired.

Various News portals were awashed early Friday that the CBN has directed commercial banks to continue to accept the old notes after expiration on February 10.

The apex bank on Friday said that it has not authorized commercial banks to start accepting the old N500 and N1,000 notes.

It said that the only directive to the regulator from President Muhammadu Buhari was to reissue the old N200 note.

Director, Corporate Communications of CBN, Osita Nwanisobi, made the disclosure in a statement on Friday, in Abuja.

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.”

The News had elicited mixed feelings among customers that still have large chunk of the old notes in their various homes.