February 17, 2023

We didn’t ask banks to collect old N500, N1,000 notes — CBN

Banks ration cash as Naira scarcity persists

By Babajide Komolafe, Economy Editor

The Central Bank of Nigeria, CBN, has said it did not direct banks to collect the old N500 and N1,000, as earlier reported.

Director, Corporate Communication, Mr. Osita Nwanisobi, stated this in response to media reports that the apex bank had directed commercial banks to collect the old N500 and N1,000.

He said: “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages, quoting the CBN as having authorised 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, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10.

“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.”


However, a top official of the apex bank had told Vanguard that a directive had gone out to banks to receive N500 and N1,000 old notes from their customers who have enrolled and generated reference code from the CBN website.

The report was in sync with the method of returning old notes, which was still on the homepage of CBN at the time of the report. Below is a screenshot.