The Central Bank of Nigeria (CBN) has stated that it didn’t authorize Deposit Money Banks to collect the old N500 and N1,000 banknotes.
The apex bank in a twitter post on its twitter handle denied ordering banks to start collecting the old N500 and N1,000 notes from customers as reported earlier today by multiple media houses.
The statement read;
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.
Media practitioners are advised to PLEASE verify any information from the correct sources before publication.
Signed: Osita Nwanisobi
Director, Corporate Communications Department
Central Bank of Nigeria
Investogist correspondence learnt that some bank customers were taking their old notes to a Deposit Money Bank in Port Harcourt, on hearing news that the bank was collecting the old notes.
Furthermore, Investogist sighted a copy of a letter sent to customers by First Bank of Nigeria Plc asking them to bring their old notes to its branches.
“This is to inform you that our branches shall receive old notes up to a maximum of N5,000.00 (Five Hundred Thousand Naira) after registration on the CBN portal,” the letter stated.
A Vanguard report earlier on Friday seen by Investogist, quoted a top CBN official as saying, “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.”
Punch also quoted a CBN official in its report; “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,” the official said.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
