Sun, Mar

CBN Debunks News Directing Commercial Banks To Accept Old Naira Notes

Top Stories

The Central Bank of Nigeria (CBN) has debunked news making round on social media and other news outlets, claiming the apex bank ordered commercial banks to accept old 500, 1,000 naira notes from customers as deposits.
In a counter statement made available and signed by the Director, Corporate Communications Department of CBN, Osita Nwanisobi, stated that the public should disregard the news as it is "fake news". This is followed after the redesigned naira notes struggles to circulate among the masses as the Federal government introduces a cashless policy. Nigerians in the early hours of 17th February 2023 stormed the CBN offices as they made their way to deposit their old notes.

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