CBN Makes U-Turn, Denies Directing Banks To Accept Old N500, N1000 Banknotes

Few hours after directing banks to accept the deposit of old N500 and N1000 notes, the Central Bank of Nigeria (CBN) has denied giving the order to deposit money bank.

The CBN spokesperson Osita Nwanisobi had earlier confirmed to THE WHISTLER in a phone conversation on Friday that the CBN had mandated banks to accept deposit of old N500 and N1000.

He had said the maximum amount for any deposit must be N500,000, adding that any amount above N500, 000 should be taken to any of the CBN branches.

He had said, “We have mandated banks to accept deposits of old N500 and N1000 but the maximum for any deposit should be N500,000. Anything above that should be taken to the CBN branch.”

But few hours after speaking to THE WHISTLER, the apex bank issued another statement denying giving such directive.

The statement reads, “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 or information not formally released by the Central Bank of Nigeria on this subject.”