The Central Bank of Nigeria (CBN) has retraced its step and denied directing Deposit Money Banks to collect the old N500 and N1000 notes on its behalf.

Theliberationnews had reliably gathered that bank branches received a directive from the head office moments ago ordering them to start collecting the old notes from their customers who have enrolled and generated reference codes from the CBN website.

Also, a top CBN official confirmed the directive saying: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.”

To this effect, one of the first generation banks, First Bank has urged its customers to visit any of its branches to deposit their old N500 and N1000 naira notes after registering on the CBN Portal.

The statement as obtained by Theliberationnews 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 receive old notes. Thank you.”

However, in a press statement issued by CBN Director, Corporate Communications
Osita Nwanisobi, the bankers’ bank denied ordering DMB to collect the old notes on its behalf.

The statement 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. 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.”