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Confusion As CBN, Banks Disagree Over Collection Of N500, N1,000 Notes

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There was confusion on Friday over the state of N500 and N1000 notes between the Central Bank of Nigeria (CBN) and Deposit Money Banks (DMB) as shortly after information filtered in that the CBN has issued directives for banks to accept old naira notes.

The apex bank, which disowned the directive to DMB to collect the old banknotes, said the information is fake.

However, flyers from some of the DMBs to the their customers confirmed that they are still accepting the old N500 and N1,000 notes.

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The CBN in a statement by its Director of Corporate Communications, Osita Nwanisobi, denied issuing the directive for DMBs to accept the old N500 and N1000 notes.
It said it was working with the directive of President Muhammadu Buhari for the reintroduction of the old N200 note alongside the new N200, N500 and N1000 notes.

It said in the statement: “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.

“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.”
However, several customers said some banks, including United Bank for Africa PLC and First Bank of Nigeria Limited, sent flyers to them that they are still collecting the old N500 and N1000.

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They gave steps to take in submitting the notes, adding that they would be taking not more than N500,000 per customer.

They said they would only accept the old naira notes after the customers must have filled out the form on the website of the CBN and obtained the necessary code for the transaction.

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