CBN Orders Banks To Accept Deposit Of Old N500, N1000 Banknotes

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks to accept the old N500 and N1000 notes from its customers effective immediately.

The CBN spokesperson Osita Nwanisobi disclosed this in a phone conversation with THE WHISTLER on Friday.

He said despite the relief to deposit money at various CBN designated points (DBM), the maximum amount for deposit will be pegged at N500,000.

The initial deadline for the deposit of old N500 and N1000 notes at the various CBN branch across the country is Friday, February 17.

He said, “We have mandated banks to accept deposits of old N500 and N1000 but the maximum for any deposit should be N500,000. Anything above that should be taken to the CBN branch.”

Osita revealed that the development is aimed at reducing the congestion witnessed at the CBN by the public who wants to deposit old notes, which already ceases to be legal tender.

However, the spokesperson declined to specify the deadline for commercial banks to accept old notes.

Recall that the CBN governor had instructed banks to pay customers the old N200 notes as it is still legal tender till April 10.

The apex bank also mandated those in possession of the old note to generate a code from the portal on the CBN website before approaching any of the CBN branches across the country for deposit.

This followed President Muhammadu Buhari’s directive on Thursday to continue the use of the old N200 notes while urging Nigerians to deposit their old N1000 and N500 to the CBN.

Buhari noted that the directive was in line with Section 20(3) of the CBN Act 2007, stating that all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

THE WHISTLER had earlier reported that over 1000 people were seen at the old Federal Capital Territory (FCT) branch of the apex bank as many were exploited due to the struggles encountered in depositing their old naira notes.