Confusion over CBN directive on N500, N1000 deposit

The Central Bank of Nigeria (CBN) has denied asking banks to start collecting old N500 and N1,000 notes from customers. In a statement on Thursday, Osita Nwanisobi, Director, Corporate Communications Department, said the CBN has only been directed to reissue and recycle old N200 notes. “The attention of the Central Bank of Nigeria has been […]

The Central Bank of Nigeria (CBN) has denied asking banks to start collecting old N500 and N1,000 notes from customers.

In a statement on Thursday, Osita Nwanisobi, Director, Corporate Communications Department, said the CBN has only been directed to reissue and recycle old N200 notes.

“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 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.,” The bank said

Earlier, Nwanisobi had confirmed to journalists that any amount below N500,000 could be deposited at commercial banks.

A bank had even asked its customers to start bringing in old notes from Saturday.

But shortly after Nwasinobi released the statement, the bank deleted a tweet through which it announced collection of old notes.

An official of the Lagos CBN office who spoke off the record had said the apex bank accepted that since the deadline for depositing the old naira notes had been shifted to April 10, deposits below N500,000 could be made at commercial banks while 500k above would be at CBN branches.

On Thursday, CBN governor, Godwin Emefiele, appealed to Nigerians to allow the naira redesign policy work.

He said this in an interview with State House Correspondents after meeting President Muhammadu Buhari at the Presidential villa in Abuja.

He said the pains currently associated with the policy were temporary, making a case that the policy would enhance government’s fight against corruption and boost the economy.