Many banks in the country are opening their branches on Saturday to collect old N500 and N1,000 notes from their customers contrary to CBN’s directives.

There had been report earlier on Friday that the Central Bank of Nigeria (CBN) directed commercial banks in the country to collect the old N500 and N1,000 from customers.

But the apex bank later denied that it issued such statement.

CBN spokesman, Osita Nwanisobi, said “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized 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 re-issue and recirculates 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.”

But banks like Guarantee Trust Bank Limited (GTCO), First Bank, United Bank for Africa (UBA) and Ecobank have sent text messages to their customers that they would be opening to collect the old N500 and N1,000 notes from Nigerians.

See First Bank’s statement below:

Set of Nigerian Naira notes in different denomination. 3d illustration