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CBN Denies Directive To Banks To Accept Old Naira Notes

Central Bank of Nigeria (CBN) has denied giving the directives to banks to start collecting the old N500 and N1000 notes it declared expired February 10, 2023.

It said: “The Central Bank of Nigeria has been alerted to some fake and unauthorised messages claiming that the CBN has authorised Deposit Money Banks to collect the old N500 and N1,000 banknotes.

“To avoid confusion, and in accordance with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes, which are expected to circulate as legal tender for 60 days until 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.

Signed: Osita Nwanisobi Director, Corporate Communications
February 17, 2023

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