Banks collect old N500, N1000 despite CBN order

Marcus Amudipe
Marcus Amudipe


Wilson Adekumola

Some Commercial Banks on Saturday morning were reportedly collecting old N500 and N1,000 notes from customers despite the Central Bank of Nigeria order.

This is came barely 24 hours the Central Bank of Nigeria, in a statement, said that it did not direct banks to collect the old N5,00 and N1,000 notes from customers.


It was gathered that the banks are collecting the old notes include GTB, First Bank, Fidelity Bank, and Sterling Bank.

It was initially rumoured that the CBN had ordered the collection of the old N500 and N1000 notes which the apex bank in swift reaction later debunked.

The federal government, during its nationwide broadcast had directed the CBN to reissue and recirculate the old N200 to be used till April 10 while its counterparts, N500 and N1000 noted were declared illegal tender.

This subsequently drew reactions from some state governors including Kaduna State Governor Nasir El-Rufai and Kano State Governor Abdullahi Ganduje among others, who ordered the use of the old notes pending the Supreme Court judgement on February 22.

Also, in contradiction to the CBN statement, the Cash Return Portal of the CBN directed people with old N500 and old N1,000 notes below N500,000 to go to their bank to make the deposit.

Recall the CBN in a statement on Friday denied giving directives to commercial banks to collect the old N500 and N1000 notes.

According to CBN, “For the avoidance of doubt, as in line with Mr President broadcast on February 16, 2023, the Central Bank of Nigeria has been directed to only reissue and recirculate the old N200 bank notes and this is expected to circulate as legal tender for 60 days up to April 20, 2023. Members of the public should disregard any message and information not formally release by the CBN, ” the statement reads.

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