The Central Bank of Nigeria, CBN, has denied reports that it had directed commercial banks to begin collecting old N500 and N1000 notes from customers.
According to a report that went viral on Thursday, the CBN has set the maximum amount that commercial banks can collect at N500,000.
However, the apex bank’s Director of Corporate Communication, Osita Nwanisobi, dismissed the report as false.
The CBN, according to the statement, has only directed banks to release the old N200 note as directed by President Muhammadu Buhari.
“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”, the statement added.
