Close Menu
    What's Hot

    Why parametric insurance matters in Nigeria’s climate response

    June 9, 2025

    Arco academy to offer remote pilot training with NCAA certification 

    June 9, 2025

    Tinubu short on tourism in experts’ midterm assessment

    June 9, 2025
    Facebook X (Twitter) Instagram YouTube WhatsApp TikTok
    Trending
    • Why parametric insurance matters in Nigeria’s climate response
    • Arco academy to offer remote pilot training with NCAA certification 
    • Tinubu short on tourism in experts’ midterm assessment
    • Is Nigeria playing catch-up or sitting out in the global AI race?
    • NDIC seeks public, stakeholder input on global deposit insurance principles
    • Aviation commissioner Inah says Cross River needs more airports 
    • Africa’s textile sector eyes AfCFTA boost amid calls for value addition
    • Meta rolls out teen accounts in Nigeria to boost Instagram safety
    Facebook X (Twitter) Instagram
    Businessamlive
    Subscribe
    Saturday, July 5
    • Home
    • Features
    • Example Post
    • Typography
    • Contact
    • View All On Demos
    • Typography
    • Buy Now
    Businessamlive
    Home»National: Governance, Policy & Politics»Economy»CBN debunks reports directing banks to accept old N500, N1,000 notes 
    Economy

    CBN debunks reports directing banks to accept old N500, N1,000 notes 

    Animashaun LutherBy Animashaun LutherFebruary 17, 2023No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    By Business AM

    The Central Bank of Nigeria (CBN) has debunked claims that commercial banks have been authorised to receive the old N500 and N1,000 notes.

    CBN, in a press release via its official Twitter handle @cenbank, maintained that it stood by the directive of President Muhammadu Buahari that the old N500 and N1,000 notes are no longer legal tender.

    CBN debunks reports directing banks to accept old N500, N1,000 notes 

    The statement was signed by Osita Nwanisobi, director,corporate communications department of the central bank and 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.”

    The apex bank urged members of the public to disregard any message and/or information not formally released by the Central Bank of Nigeria on the subject. Media practitioners were also advised to verify any information from the correct sources before publication.

    Prior to the development, various media platforms had reported that the CBN had designated commercial banks to collect the old N500 and N1,000 notes from members of the public with immediate effect.

    It was also rumoured that the commercial banks were only  directed to accept a maximum deposit of N500,000 from each customer, while deposits above N500,000 could only be made at CBN branches across the country.

    Author

    • Animashaun Luther
      Animashaun Luther

    Post Views: 1
    CBN
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Animashaun Luther
    • Website
    • X (Twitter)
    • Instagram

    Related Posts

    Global food prices dip in May on weaker cereal, sugar markets

    June 6, 2025

    Nigeria nudged toward market-driven growth as US rethinks development role

    June 6, 2025

    Oil tensions flare as Imo community issues 7-day ultimatum to Seplat Energy

    June 4, 2025
    Leave A Reply Cancel Reply

    Editors Picks

    Review: Record Shares of Voters Turned Out for 2020 election

    January 11, 2021

    EU: ‘Addiction’ to Social Media Causing Conspiracy Theories

    January 11, 2021

    World’s Most Advanced Oil Rig Commissioned at ONGC Well

    January 11, 2021

    Melbourne: All Refugees Held in Hotel Detention to be Released

    January 11, 2021
    Latest Posts

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Advertisement
    Demo

    Your source for the serious news. This demo is crafted specifically to exhibit the use of the theme as a news site. Visit our main page for more demos.

    We're social. Connect with us:

    Facebook X (Twitter) Instagram Pinterest YouTube

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Buy Now
    © 2025 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.