March 3, 2023

Banks resume receiving old N500, N1000 notes

Recapitalisation: MfBs canvass regulatory support to attract investors

Banking hall

By Emma Ujah, Abuja Bureau Chief 

Investigations have revealed that Deposit Money Banks (DMBs) have started receiving old N500 and N1000 notes again.

Vanguard investigations have indicated that the banks have been receiving the old N500 and N1000 notes since the beginning of this week.

A bank official told Vanguard, in Abuja, yesterday, that customers could deposit any amount below N500,000.

She said that customers could make a deposit once, after downloading the appropriate form from the CBN Portal from where a code would be allocated for the deposit.

It was learnt that holders of the affected old notes could deposit them in their bank account until April 10.

A top CBN official confirmed the new development and explained that it was informed by the fact that the apex bank did not want holders of old N500 and N1000 notes to lose their money.

Recall that there was confusion, two weeks ago, on the fate of members of the public who had the affected notes in their possession.

While announcing the extension of the deadline for the circulation of the old notes from January 31 to February 10, the Central Bank of Nigeria (CBN) said it would continue to receive the old notes between February 10 and 17, after they had ceased to be legal tender.

However, when the affected notes were taken to the apex bank, some of the holders were turned back.

Officials of CBN told those with less than N500,000 to take such monies to their banks. However, when they got to their banks, the banks refused to receive the notes.

In the midst of that confusion, CBN issued a statement on February 21, denying reports that it had directed Deposit Money Banks (DMBs) to receive old N500, N1000 notes from their customers. 

According to Mr. Osita Nwanisobi, who retired as Director, Corporate Communications of CBN last week, media reports that the apex bank had given such a directive was fake.

He clarified that only old N200 notes had been directed by President Muhammadu Buhari to be re-issued and that CBN would stick to that directive.