CBN Debunks Ordering Banks To Collect Old N1,000, N500 Notes As Lagos Boils

The Apex bank, the Central Bank of Nigeria (CBN) has debunked an earlier report on Friday that it has ordered banks to start collecting the old N1,000 and N500 notes from the public with immediate effect.

The earlier report also said, the CBN has pegged the maximum amount banks can collect at N500,000 only.

A source from the bank aw published on websites of some national newspapers said the CBN had ordered the banks to collect the monies instead of Nigerians going to the CBN office following difficulties encountered getting access to the bank.

Meanwhile, in a tweet on CBN’s verified twitter handle, a counter post was issued that “the attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.”

The tweet, signed by Director, Corporate Communication of the CBN, Osita Nwanisobi continued that, “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 Aprl 10, 2023. Members of the public should therefore disregard any message and information not formally released by the Central Bank of Nigeria on this subject.”

The publication however advised media practitioners to verify their information before publishing.

“Media practitioners are advised to PLEASE verify any information from the correct sources before publication,” the tweet ended.

Some cities in the southern part of the country have experienced riots due to hardship as a result of the new Naira policy.

Nigeria’s commercial nerve center and former capital, Lagos, Friday morning woke up to riots in parts of the metropolis due to the N1,000 and N500 notes that ceased to be legal tender across the country.

Nigerian President, Muhammadu Buhari in a national broadcast on Thursday had directed that both old naira notes should seize to be legal tender except taken to the CBN. The announcement may have been connected to Friday riots in Lagos where the notes were being rejected.