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

The Central Bank of Nigeria (CBN), has described as false, news going round that it authorised Deposit Money Banks (DMBs) to accept the old N500 and N1,000 banknotes.

Our correspondent reports that the news that the apex bank authorised DMBs to accept the old notes broke on Friday and went viral.p

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

“The attention of the CBN has been drawn to some fake and unauthorised messages quoting 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, the CBN has been directed to only reissue and recirculate the old N200 banknotes.

“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 information not formally released by the CBN on this subject,” he said.

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