Humiliation As CBN Denies Directing Banks To Accept Old N500, N1,000 Notes... As banks notify customers to deposit old currencies

The Central Bank of Nigeria (CBN) on Friday denied directing commercial banks to accept the old N500 and N1,000 notes immediately, a situation that amounts to ridicule.

A staff of the CBN at Lagos branch had informed customers, who were mostly traders that invaded their office to generate a code from the CBN platform and deposit the old N500 and N1,000 notes to their banks. 

The source pegged the maximum amount that the banks would collect at N500,000, saying that the old currencies were no longer legal tender.

But the apex bank debunked the claims in a statement via its  verified handle on Twitter, which was signed by the Director, Corporate Communications Department of CBN, Mr Osita Nwanisobi. 

He enjoined the public to disregard any message or information that was not formally released by the CBN on the subject.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorised 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 reissue and recirculate 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," Nwanisobi concluded. 

Banks Notify Customers To Deposit Old Notes

Already, some banks had notified their customers to deposit old bank notes on Saturdays and Sundays, 

A statement by the FirstBank of Nigeria reads: “This is to inform you that our branches shall receive old notes up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal.

"Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location. In addition, our branches will be open tomorrow, Saturday 18 February 2023 to redeem old notes". 

Another statement from Ecobank Nigeria titled: "We Are Still Collecting Your Old N500 and N1000 Notes", advised customers to follow some steps to deposit their old notes. 

It reads: "Visit the CBN website and register through the dedicated portal. 

"Take your cash after registering to any Ecobank branch close to you.

"Maximum deposit allowed is N500k per customer (based on your BVN).

"We are open on Saturdays and Sundays to serve you for your cash deposit needs only, Election weekends and public holidays are excluded, " it concluded,