CBN Denies Reports Ordering Banks To Collect Old 500 And 1000 Notes

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The Central Bank of Nigeria has debunked ordering banks to resume the collection of old 500 and 1000 Naira notes.

This was disclosed today in a statement released by the CBN via its official social media platforms, noting that based on the order issued by President Muhammadu Buhari, banks are only allowed to collect old 200 naira notes.

Earlier reports suggest that the CBN has ordered banks to resume the collection of old 500 and 1000 naira notes, however, the Nigerian apex monetary authority has come out to debunk the claim in a newly released statement via its official Twitter handle.

The statement reads:

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