CBN debunks claims allowing banks to accept old N500, N1000
The Central Bank of Nigeria (CBN) on Friday denied claims that it ordered commercial banks to accept old N500 and N1,000 banknotes.
In a statement signed by the bank's spokesperson, Osita Nwanisobi, the apex bank called the claims "false and unauthorized".
On Friday, reports claimed that the CBN had ordered banks to start collecting the old 500 and 1,000 naira notes from the public. Reports claimed that the apex bank had set the maximum amount that banks could collect from their customers at N500,000.
But in its reaction on Friday, the bank urged Nigerians to disregard the claims as it has never authorized banks to make such decisions.
"The attention of the Central Bank of Nigeria has been drawn to certain false and unauthorized messages citing the CBN as having authorized depository banks to collect old N500 and N1,000 banknotes," the statement read. .
"For the avoidance of doubt, and in accordance with Mr. President's issuance of February 16, 2023, the CBN has been instructed to ONLY reissue and recirculate old N200 banknotes and this should circulate as currency legal for 60 days until April 10, 2023.
“Members of the public should therefore disregard any messages and/or information not officially released by the Central Bank of Nigeria in this regard.”
The bank urged "media professionals" to verify any information "from the correct sources before publication".
As tension continued to mount over the scarcity of newly redesigned banknotes, motorists and major retail outlets across the country refrained from collecting the old banknotes.
A PREMIUM TIMES survey during the week showed that many Nigerians are still in possession of the old naira notes due to poor circulation of the new currency, but are unable to carry out their day-to-day transactions .
Despite a Supreme Court order prohibiting the CBN from phasing out the old tickets, transport workers and some outlets refused to accept the old tickets.
Some business owners who spoke to PREMIUM TIMES lamented not knowing what to do with old notes in their possession as banks battle scarcity of new notes amid public outrage.
On Thursday, President Muhammadu Buhari approved the continued use of the old N200 note, with the CBN also launching a portal for bank customers to deposit their old naira notes amid a shortage of new ones. tickets. However, the President announced that the CBN deadline for phasing out the old N500s and N1000s remains.
READ ALSO: Tinubu urges calm on fuel, new naira notes shortageMeanwhile, in notices sent to customers on social media, commercial banks were encouraging customers to deposit their old notes at the bank after completing the appropriate forms.
Thousands of protesters gathered to block major roads in Lagos on Friday as the ripple effect of the cash crunch takes hold.
A PREMIUM TIMES reporter observed that on the Lagos-Ibadan highway, hundreds of commuters were stranded as protesters blocked the highway, burned tires and threatened violence.
The Central Bank of Nigeria (CBN) on Friday denied claims that it ordered commercial banks to accept old N500 and N1,000 banknotes.
In a statement signed by the bank's spokesperson, Osita Nwanisobi, the apex bank called the claims "false and unauthorized".
On Friday, reports claimed that the CBN had ordered banks to start collecting the old 500 and 1,000 naira notes from the public. Reports claimed that the apex bank had set the maximum amount that banks could collect from their customers at N500,000.
But in its reaction on Friday, the bank urged Nigerians to disregard the claims as it has never authorized banks to make such decisions.
"The attention of the Central Bank of Nigeria has been drawn to certain false and unauthorized messages citing the CBN as having authorized depository banks to collect old N500 and N1,000 banknotes," the statement read. .
"For the avoidance of doubt, and in accordance with Mr. President's issuance of February 16, 2023, the CBN has been instructed to ONLY reissue and recirculate old N200 banknotes and this should circulate as currency legal for 60 days until April 10, 2023.
“Members of the public should therefore disregard any messages and/or information not officially released by the Central Bank of Nigeria in this regard.”
The bank urged "media professionals" to verify any information "from the correct sources before publication".
As tension continued to mount over the scarcity of newly redesigned banknotes, motorists and major retail outlets across the country refrained from collecting the old banknotes.
A PREMIUM TIMES survey during the week showed that many Nigerians are still in possession of the old naira notes due to poor circulation of the new currency, but are unable to carry out their day-to-day transactions .
Despite a Supreme Court order prohibiting the CBN from phasing out the old tickets, transport workers and some outlets refused to accept the old tickets.
Some business owners who spoke to PREMIUM TIMES lamented not knowing what to do with old notes in their possession as banks battle scarcity of new notes amid public outrage.
On Thursday, President Muhammadu Buhari approved the continued use of the old N200 note, with the CBN also launching a portal for bank customers to deposit their old naira notes amid a shortage of new ones. tickets. However, the President announced that the CBN deadline for phasing out the old N500s and N1000s remains.
READ ALSO: Tinubu urges calm on fuel, new naira notes shortageMeanwhile, in notices sent to customers on social media, commercial banks were encouraging customers to deposit their old notes at the bank after completing the appropriate forms.
Thousands of protesters gathered to block major roads in Lagos on Friday as the ripple effect of the cash crunch takes hold.
A PREMIUM TIMES reporter observed that on the Lagos-Ibadan highway, hundreds of commuters were stranded as protesters blocked the highway, burned tires and threatened violence.
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