Banks not authorised to accept old N500, N1,000 – CBN

The Central Bank of Nigeria (CBN) says it has not authorised any Deposit Money Banks (DMBs) to accept the old N500 and N1,000 banknotes.

The apex bank described, as false, the news going around to that effect.

The news that the apex bank authorised DMBs to accept the old notes broke on Friday and went viral.

According to CBN’s Director of Corporate Communications Department, Mr Osita Nwanisobi, the news is false.

“The attention of the CBN has been drawn to some fake and unauthorised messages.

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“The unauthorised messages quote the CBN as having authorised the DMBs to collect the old N500 and N1,000 banknotes.

“For the avoidance of doubt, and in line with Mr President’s broadcast of Feb. 16, directing CBN to only re-issue and re-circulate the old N200 banknotes.

“This will circulate as legal tender for 60 days up to April 10.

“Members of the public should, therefore, disregard any message and information not formally released by the CBN on this subject,” Nwanisobi said.

He advised media practitioners to verify information from the appropriate sources before publication.

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