CBN: We Didn’t Direct Banks to Collect Old Banknotes from Customers – THISDAYLIVE

CBN: We Didn’t Direct Banks to Collect Old Banknotes from Customers James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday refuted media reports that it had authorised the Deposit Money Banks (DMBs) to coll

The Central Bank of Nigeria yesterday refuted media reports that it had authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes from customers and members of the public.

The central bank clarified that for the avoidance of doubt, and in line with President Muhammadu Buhari’s broadcast on February 16, 2023, the CBN has been directed to only reissue and re-circulate the old N200 banknotes as legal tender for 60 days up till April 10, 2023. The central bank earlier in January clarified that the old denominations of N1,000, N500, and N200 banknotes would be effectively retired and cease to be legal tender after the February 10, 2023 deadline for the return of the notes following the currency redesign programme.

The CBN Governor, Mr. Godwin Emefiele, recently obtained the approval of President Muhammadu Buhari for a 10-day extension of the January 31, 2023 deadline for the return of old naira notes following the currency redesign programme to February 10, 2023.

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