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Confusion As CBN Debunks Asking Banks To Accept Old N500, N1000 Banknotes

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Confusion As CBN Debunks Asking Banks To Accept Old N500, N1000 Banknotes

The Central Bank of Nigeria (CBN) has debunked asking commercial banks to start accepting the old N500 and N1000 banknotes.

The central Bank in a statement on Friday evening said the report was fake and unauthorised.

CBN spokesman, Osita Nwanisobi, said the apex bank strictly stands by the directive of President Muhammadu Buhari that only allows the old N200 note to circulate with the new one for a period of 60 days.

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“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 re-issue 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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“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 stated.

Blaze Newz gathered that First Bank Plc in a notice to its customer said it will open on Saturday to collect the old N500 and N1000.

The notice read; “Dear Valued Customer,
This is to inform you that our branches shall receive old notes up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal.

“Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.

“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to recieve old notes.”

Also Ecobank and UBA informed their customers on Friday that they are still collecting the old notes.

Hammed Tajudeen is a graduate of Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication

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