Home Finance We are not recirculating old N500, N1,000 notes — CBN

We are not recirculating old N500, N1,000 notes — CBN

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The CBN on Tuesday debunked claims that it is expected to recirculate the old N500 and N1,000 banknotes.

In a statement signed by the spokesperson of the bank, Osita Nwanosobi, the CBN described the claims as fake and unauthorized.

On Tuesday morning, a report claimed that the apex bank has been directed to reissue and recirculate the old N200, N500, and N1,000 banknotes, adding that it is expected to circulate for 70 days up to May 1, 2023.

However, the CBN has urged Nigerians to disregard the claims as it was never authorized.

“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,” the statement said.

“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 recirculates 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.”

The bank urged “media practitioners” to verify any information “from the correct sources before publication.”

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