We Didn’t Authorise Banks to Collect Old N500, N1,000 Notes, CBN Clarifies

The Central Bank of Nigeria (CBN) has disavowed reports making the rounds that it has authorised deposit money banks to collect the old N500 and N1,000 notes.

The CBN in a statement issued by its Director of Corporate Communications, Osita Nwanisobi, via its verified Twitter handle urged Nigerians to ignore such reports.

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The apex bank said that it was only asked to reissue and recirculate the old N200 notes.

The statement partly read: “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.

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“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”.

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The CBN advised the public to disregard any message and/or information not formally released by the bank on the subject.

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It also charged media practitioners to verify information from the correct sources before publication.

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Ismail Aniemu

Ismail Aniemu, Publisher of JournalNG and ghost writer, is a maritime journalist of over two decades' of practice with multidisciplinary background. He holds a masters degree in Transport Management from Ladoke Akintola University of Technology(LAUTECH) with bias for logistics. He is also an alumnus of the Times Journalism Institute where he obtained a post graduate diploma in Journalism. Email:

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