BREAKING: CBN denies asking banks to collect old N500 and N1000 notes (Photo)


Latest News on Old Naira Deadline, Denies ordering Banks to Collect Old N500, N1000

On Friday, the Central Bank of Nigeria (CBN) stated that it did not request that commercial banks collect the old N500 and N1,000 notes.

A Nigerian newspaper reported that the CBN instructed commercial banks to begin collecting old notes from the public immediately.


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The report said the CBN however pegged the maximum amount the banks can collect at N500,000.

The previous N500 and N1000 were no longer legal tender.


According to reports, the apex bank ordered the banks to collect the funds instead of going to the CBN office due to nationwide difficulties gaining access to the bank.


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The CBN, however, stated in a statement by its Director of Corporate Communication, Osita Nwanisobi, that the report is false.

The statement reads in part, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages claiming that the CBN has authorized Deposit Money Banks to collect old N500 and N1,000 banknotes.


“The public should disregard any message or information that has not been officially released by the Central Bank of Nigeria regarding this topic.”

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