[BREAKING] CBN Orders Banks to Accept Old N500, N1,000 Notes

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• “No, we didn’t”, CBN clarifies

The Central Bank of Nigeria has reportedly directed banks to begin collecting old N500 and N1,000 notes from the public as soon as possible.

The maximum amount that banks can collect, however, is N500,000.

Protests across the country have been rocking over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.

According to reports, the old currencies were no longer legal tender.

According to a bank source, the apex bank ordered the banks to collect the funds instead of going to the CBN office due to difficulties in gaining access to the bank.

“Go to your bank, but fill out the form first,” a CBN official advised. Stick with the reference code you created. Banks will collect your code from you. However, if it exceeds 500,000, you will go to the CBN and deposit it.

“Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it,” reportedly said.

The Apex Bank responds:

But in his response, Mr. Osita Nwanisobi, CBN Director of Corporate Communications, said the apex bank did not give such directive.

“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,” the apex bank 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. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

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