The Central Bank of Nigeria (CBN) has denied reports that it has authorized commercial banks to collect the old N500 and N1,000 banknotes.

According to a statement by CBN’s Director of Corporate Communications, Osita Nwanisobi on Friday, CBN said it is only reissuing and recirculating the old N200 banknotes which is expected to circulate as legal tender up to April 10, 2023, in line with President Muhammadu Buhari’s directive.

The CBN advised the public to disregard any message and/or information not formally released by the bank on this subject.