The Central Bank of Nigeria has Friday afternoon debunked media reports that it has ordered banks in the country to start collecting old N1000 and N500 notes.
Media reports had it earlier in the day quoting some sources that the banks had been asked to collect the old notes after it was allegedly discovered that the CBN had become overwhelmed by the volume of old notes brought to some of their branches for depositing.
A statement by Osita Nwanibosi, Director Corporate Communications of the CBN said said the report was false.
“For the avoidance of doubts, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to only re-issue and re-circulate the old N200 bank notes and this is expected to circulate as legal tender for 60 days up to April 10, 2023,” the CBN said in its statement.
The apex bank warned members of the public to disregard any information to the contrary.
It also advised the media to verify all information.