CBN denies ordering banks to collect old notes
The Central Bank of Nigeria (CBN) has denied media reports that it has authorized commercial banks to collect the old N500 and N1,000 banknotes from customers.
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This was contained in a statement issued by Osita Nwanisobi, CBN’s Director of Corporate Communications on Friday, February 17, 2023.
The apex bank said for the avoidance of doubt the CBN is only reissuing and recirculating the old N200 banknotes and which is expected to circulate as legal tender for 60 days up to April 10, 2023, in line with President Muhammadu Buhari’s national broadcast on Thursday.
The CBN advised members of the public to disregard any message and/or information not formally released by the bank on this subject.
Meanwhile, in a meeting held on Friday by the Bankers’ Committee, the old N500 and N1,000 notes can only be deposited once into commercial banks.
Below is the extract of the meeting held:
1. The old N200 will still be legal tender till April 10th 2023.
2. The old N200, the new N500 and the new N1000 will continue to be in circulation till 10th of April 2023.
3. The old N500 and the N1000 can be deposited into commercial banks just once within the 60-day extension.
4. A new App will be developed by CBN to enable customers make the one off deposit within the extended 60 days.
5. A customer cannot make more than N500,000 deposit within this period and it cannot be split.
6. Customers making above N500,000 deposit will have to visit the CBN.
7. You cannot receive value for the money deposited immediately because the money will go to a CBN GL (ledger).
8. You can only receive value upon remittance and confirmation from CBN.
