The central bank of Nigeria has denied a report purportedly asking commercial banks to start accepting the old #500 and #1,000 notes from Nigerians.

The CBN debunked the report in a statement signed by the
Director, Corporate Communications, Osita Nwanisobi.


The attention of the Central Bank of Nigeria has been drawn to some fake and
unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

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 recirculate 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

Media practitioners are advised to PLEASE verify any information from the
correct sources before publication.

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