Banks were not told to collect old N500, N1,000 notes- CBN

The Central Bank of Nigeria (CBN) has debunked claims that it asked banks to collect the old N500 and N1,000. The Director, of Corporate Communication, Mr Osita Nwanisobi made this statement in response to media reports that the apex bank had directed commercial banks to collect the old N500 and N1,000.

He said: “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.

Nwanisobi noted that “in line with Mr President’s broadcast of February 16, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10.

He further urged members of the public to disregard any message or information not formally released by the Central Bank of Nigeria on this subject.

Also, the CBN Spokesman charged media practitioners to very any information from the correct sources before publication.

False report

Earlier several media outlets had reported that the apex bank had directed banks to start accepting old N500 and N1,000 notes from customers. They also stated that any amount above N500,000 could not be deposited.

These reports come amid the nationwide outrage over the rejection of the notes that President Muhammadu Buhari declared were no longer legal tender. Protests against Buhari’s announcement have erupted in Lagos, Ibadan, Ogun, and Rivers states. 

CBN’s appeal to Nigeria

Despite the civil unrest necessitated by the naira scarcity, CBN governor, Godwin Emefiele has pleaded with Nigerians to allow the redesign policy to work. He assured that the policy will reduce the problem of corruption and illicit financial flaws and reduce the level of insecurity in the country.

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