Naira Scarcity: “The Order Is Not From Us” – CBN Gives Fresh Update On N1000 And N500 Notes

The Director of Corporate Communication for the Central Bank of Nigeria (CBN), Osita Nwanisobi, has refuted reports claiming that the CBN instructed commercial banks to collect old N500 and N1,000 notes.

Nwanisobi clarified that the reports were false and that the apex bank had not issued any such directive.

He also noted that the CBN’s focus was on re-issuing and recirculating the old 200 naira notes, which will be phased out on April 10th.

Nwanisobi cautioned the public to ignore the misinformation and advised media professionals to fact-check information with credible sources before publishing news stories.

He said: “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.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10.

“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.”