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Home Breaking News

Confusion as CBN denies it ordered banks to collect old N1,000, N500 notes

Chike Olisah by Chike Olisah
February 17, 2023
in Breaking News, Business News, Currencies, Markets
Nigeria’s external reserves falls to 18 months low
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An earlier Nairametrics report indicated that the Central Bank of Nigeria (CBN) had ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

Several media reports also ascribed the comments to the director, of Corporate Communications of CBN, Osita Nwanisobi.

However, the central bank has debunked the claims issuing a press release later on Friday that it did not instruct customers to go to banks.

Nairametrics also saw a viral video (see below) on social media purportedly showing an official of CBN informing customers to go to banks to deposit their money.

The confusion is perhaps linked to the difficulties Nigerians have faced in depositing their money in CBN offices. The CBN maintained that the old currencies were no more legal tender.

Frustrated customers besieged the CBN office in Marina Road, Lagos State, wanting to deposit their N1000 and N500 old notes on Friday. This comes after President Muhammadu Buhari on Thursday morning during an address to Nigerians announced that old N1000 and N500 notes were no longer legal tender.

https://nairametrics.com/wp-content/uploads/2023/02/Crowd-at-CBN-to-deposit-old-naira-notes-1.mp4

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Tags: CBNNaira Redesign
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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