CBN: We never authorised banks to collect old N500, N1,000 notes

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 subject.
Media practitioners are advised to PLEASE verify any information from the
correct sources before publication.
Osita Nwanisobi
Director, Corporate Communications