CBN Denies Directing Banks to Collect Old N500 and N1000 Notes: A Confusing Development for Nigerians

Nigerians are currently in a state of confusion over where to deposit their old N1000 and N500 notes.

This development comes after conflicting announcements from Deposit Money Banks (DMBs) in the country, which directed their customers to deposit their old notes after registering with the Central Bank of Nigeria (CBN) portal.

However, in less than an hour, the CBN issued a press release refuting the announcement, stating that it did not authorize the DMBs to collect old N500 and N1000 banknotes.

The apex bank added that it has only been directed to reissue and recirculate old N200 notes, which will be legal tender for 60 days up to April 10, 2023.

This sudden reversal of announcements has left Nigerians more confused than ever, with many unsure of what to do with their old notes. Adding to the confusion is the recent declaration by the Governor of Kaduna State, Nasir El Rufai, that all old naira notes are still valid.

The lack of a clear and consistent policy on the issue is a cause for concern, and many Nigerians are calling on the government to provide clarity on the matter.

In the meantime, individuals are advised to be cautious of any unofficial information or messages on the subject and to await official announcements from the CBN.

The confusion around the deposit of old notes is just one of the many challenges faced by Nigerians as the country grapples with a range of economic issues. Despite this, Nigerians have demonstrated resilience and resourcefulness, finding ways to adapt and survive in the face of adversity.