Earlier today, the CBN authorities had confirmed to journalists and to some banks that it authorised the deposits, only to rescind its decision hours later

The Central Bank of Nigeria (CBN) has made confusing statements, noting that it did not direct the commercial banks to allow the deposit of old N500 and N1,000 notes.

This was contained in a statement released by Osita Nwanisobi, CBN’s Director of Corporate Communications on Friday, claiming that the apex bank is only reissuing and recirculating the old N200 banknotes and which is expected to circulate as legal tender for 60 days up to April 10, 2023, in line with President Muhammadu Buhari’s national broadcast on Thursday.Earlier today, the CBN authorities had confirmed to journalists and to some banks that it authorised the deposits, only to rescind its decision hours later.As a result, the apex bank urged the general public to disregard any message and/or information not formally released by the bank on this subject, and advised media practitioners to verify any information from the correct sources before publication.

The statement reads: “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorized 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 recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.Media practitioners are advised to PLEASE verify any information from the correct sources before publication,” the statement added.