CBN Debunks Order On Banks To Receive Old N500, N1000 Notes

BY EDMOND ODOK – Hours after reports flooded the media on the so-called directive on Deposit Money Banks (DMBs) to resume collection of the old N500 and N1,000 notes from customers, the Central bank of Nigeria (CBN) has denied issuing such an order.

The Director of Corporate Communications, Osita Nwasinobi, who issued the denial on Friday afternoon, urged members of the public to disregard any message and/or information that is not formally released by the apex bank on the Naira swap policy.

Nwasinobi stated in a statement released to the media thus: “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 re-issue and re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”

Consequently, the apex Bank Spokesman said; “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 also said; “Media practitioners are advised to PLEASE verify any information from the correct sources before publication.”

Meanwhile, residents of Kaduna State seem to have ignored the advisory by Governor Nasir el-Rufai that they continue transacting business with all the old Naira notes in defiance of the presidential order banning the old N500, and N1000 notes as legal tenders in the country.

Reports from the Kaduna State capital indicate that many residents of the North West state trooped out in large numbers to submit their old Naira notes at the State branch of CBN in defiance of the governor’s directive that they continue buying and selling with them.

Countering President Muhammadu Buhari’s nationwide broadcast directing the re-circulation of N200 notes only with the old N500 and N1,000 notes declared as illegal tenders, Governor el Rufai had, in his broadcast to Kaduna residents, urged them to continue spending their N500 and N1000 notes with threats of dealing with outlets, individuals or corporates that rejected the old notes.