Naira Crisis: CBN Denies Directing Banks To Collect Old N500, N1, 000 Naira Notes

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The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has authorized deposit money banks to collect the old N500 and N1,000 naira banknotes.

In a a statement by CBN’s Director of Corporate Communications Osita Nwanisobi on Friday, the central Bank Of Nigeria said is only reissuing and recirculating the old N200 banknotes which is expected to circulate as legal tender up to April 10, 2023, in line with President Muhammadu Buhari’s directive.

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Cbn Press Statement

The CBN advised the public to disregard any message and/or information not formally released by the bank on this subject.

It also advised media practitioners to endeavour to verify any information from the correct sources before publication.


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