Just in: Banks not authorised to accept old N500, N1,000 notes, says CBN

The Central Bank of Nigeria (CBN) on Friday clarified that no commercial bank has been authorised to receive deposits of the old N500 and N1,000 notes, contrary to news making the rounds in cyberspace.

BN Spokesman, Mr Osita Nwanisobi, in a statement described the news as fake and unauthorized.

“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 recirculate 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.

“Media practitioners are advised to please verify any information from the correct sources before publication”, Nwanisobi explained.

Governor of Kaduna State, Nasir el-Rufai, in a state broadcast, declared that the old naira notes were still legal tender and asked the Kaduna public to use them for financial transactions, pending the full judgement of the Supreme Court on the matter.