Central Bank of Nigeria (CBN) has issued a warning about the spread of fake and unauthorized messages claiming that the CBN has authorized Deposit Money Banks (DMBs) to collect old N500 and N1,000 banknotes. According to the CBN, this information is false, and the bank has not authorized the collection of these banknotes.
The CBN stated that, in line with President's broadcast of February 16, 2023, it has only been directed to reissue and recirculate old N200 banknotes. These banknotes will be legal tender for 60 days until April 10, 2023. Therefore, members of the public have been advised to ignore any messages or information that has not been officially released by the CBN on this subject.
The Director of Corporate Communications Department, Osita Nwanisobi, signed the press release, urging media practitioners to verify any information from the correct sources before publication. The CBN has been committed to circulating new banknotes and coins to the public, as part of its efforts to ensure the overall stability of the financial system.
This warning comes as there has been a surge of false information being disseminated through social media and messaging platforms, particularly with regard to financial and banking information. The CBN has stated that it remains committed to transparency and keeping the public informed on any new developments. The bank has also urged members of the public to stay vigilant and report any suspicious activity related to the circulation of banknotes to the appropriate authorities.
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