CBN Never Authorised Commercial Banks to Collect Old N500 and N1000 Bank Notes - Osita

CBN has formally released a press statement disregarding the fake news that the Central Bank of Nigeria has authorised commercial banks to be collecting the old N500 and N1,000 bank notes.

Be informed that the old bank notes of N500 and N1,000 are no longer legal tender in Nigeria, hence individuals and corporate organisations are to deposit the old bank notes in their possession at the respective state offices of the Central Bank of Nigeria.

The public is therefore advised to disregard this fake news and follow the CBN directive on how to deposit the old bank notes of N500 and N1,000 at the state offices nationwide after generating the reference code on crs.cbn.gov.ng with your BVN, account number, bank name and other details.

This information was released by the Director of corporate communications, Osita Nwanisobi and that the cash collection process has no deadline at the moment.

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The statement by the Central Bank of Nigeria read;

The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 bank notes. For the avoidance of doubt, and in line with Mr. President's broadcast of February 16, 2023, the CBN has been directed only to ONLY reissued and recirculate the old N200 bank notes 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,

Abuja.