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CBN: We Did Not Authorize Commercial Banks To Collect Old Notes



CBN Devalues Naira to 631/$1: How This Affects You and the Economy

CBN has denied authorizing commercial banks to collect old Naira notes of N1000 and N500

“The attention of the Central Bank of Nigeria has been drawn to some fake and unau thorized 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 recirculates 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.

This was announced by the CBN Director of Corporate Communications, Osita Nwanisobi today, February 17, 2023.