BREAKING: Banks Must Not Receive Old N500, N1,000 Notes – CBN Declares

The Central Bank of Nigeria has debunked reports that commercial banks have been authorised to receive the old N500 and N1,000 notes.

The apex bank stated that it stands by the directive of President Muhammadu Buhari that the old N500 and N1,000 notes are no longer legal tender in the country.

This was disclosed in a statement by via CBN’s official Twitter handle on Friday.

The statement read, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised 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 on 16th February, 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.