NAIRA Crisis: Collect old N1,000 & N500 note, banks tell CBN

On Saturday, 18 February, some money depositing banks have been receiving old NAIRA notes from customer which is not in accord with the CBN order.

The Central Bank of Nigeria has instructed Nigeria’s banks to accept the maximum of 500,000 deposit of old NAIRA notes from the public.

However, in a statement signed by Osita Nwanisobi, the director, corporate communications rebuked the claim.

In a statement:

“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, 2023, the CBN has been directed to only reissue and re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”

At Polaris bank branch at Olowoira, the security guard said it was a fake news that the CBN directed the collection of old N500 and N1,000 notes.

It was also learned that code was given to customers before they could be allowed to enter banks to change their old NAIRA notes because the CBN has on their website created a portal for people to fill a form and generate a reference code.