CBN says it didn't ask banks to collect old N500, N1000 notes from customers

The CBN insisted that the old notes are no longer legal tender.

Reports had earlier claimed that the apex bank had asked all commercial banks to collect the old notes following the difficulties people went through to deposit their old notes at the CBN branches. 

But in a statement signed by Osita Nwanisobi, the CBN's Director of Corporate Communications Department, the apex bank dismissed the claim saying it only directed banks to reissue and recirculate the old N200 banknotes in line with the directive of President Muhammadu Buhari.

The statement reads, "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 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.

Recall that following President Muhammadu Buhari’s nationwide address on the naira crisis on Thursday, February 16, 2023, the Governor of the Central Bank of Nigeria, Godwin Emefiele directed bank executives to make the old N200 banknotes available. 

In his broadcast, Buhari extended the validity of the old N200 banknote by 60 days, while affirming the February 10 deadline for the expiration of N500 and N1000 banknotes as legal tender. 

Despite the Nigerians' criticisms against the CBN's controversial cashless policy, Emefiele urged them to allow the policy to work, saying he believes it would bring advancement to the nation’s economy.

He assured that the CBN would continue working to ease the sufferings Nigerians are going through as a result of the cash crunch.