PIJAlance Magazine
The Patriot Institute of Journalism and Arts (PIJA), Lance Magazine is a public-centric independent media organisation dedicated to fighting injustice, fostering social justice and community development through the telling and retelling of the marginalised-oriented stories.

FACT CHECK: CBN Denies Directing Banks to collect old N1,000 N500 notes



Several news agents and bloggers have recently reported that Central Bank of Nigeria (CBN) ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. However, PIJAlance has found that this is not only far from the truth, it is also a piece of unauthorised information from the CBN and as well an antagonist to the former directive of President Muhammadu Buhari on Thursday broadcast.


In a release made available on the verified twitter handle of CBN, the country’s financial institution has not reissue any directive to banks on the recollection of old N1000 and N500 notes, PIJAlance has learnt.


CBN said will only stand on the directive of President Muhammadu Buhari which is to recollect and recirculate N200 old note for 60 days while leaving both old N1000 and N500 notes illegal tender.

FACT CHECK: CBN Denies Directing Banks to collect old N1,000 N500 notes
The CBN release


Moreover, other news agents had reported in contrary. TheCable had backed up their report on the recollection of the old N1000 and N500 notes in the words of CBN’s Director of Corporate Communications, Osita Nwanisobi, on Friday, February 17.


Findings by PIJAlance has found nothing in tandem to the report.

We stand to tell stories connecting the masses to justice and development. We always rebel against social injustice. Got a story you'll like us to publish, tip us in contact us.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy