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HomeNewsEconomyConfusion as CBN denies ordering banks to accept N500, N1,000 notes

Confusion as CBN denies ordering banks to accept N500, N1,000 notes

The Central Bank of Nigeria, CBN has denied an earlier report that it ordered commercial banks to begin collecting the old N500 and N1000 notes from customers.

A report which went viral on Thursday claimed the CBN pegged the maximum amount the commercial banks can collect at N500,000.

But the Director of Corporate Communication of the apex bank, Osita Nwanisobi described the report as fake.

According to the statement, the CBN has only tasked banks to release the old N200 note as directed by President Muhammadu Buhari.

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“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”, the statement added.

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