Banks Receiving Old N500, N1,000 Notes Again

Deposit Money Banks (DMBs) have started receiving old N500 and N1,000 notes.

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 the CBN told those with less than N500,000 to take such monies to their DMBs.

But when they got to their banks, the banks refused to receive the notes.

Fake news

In the midst of that confusion, the CBN issued a statement on February 21, denying reports that it had directed Deposit Money Banks (DMBs) to receive old N500, and N1,000 notes from their customers.

According to Mr. Osita Nwanisobi, who retired as Director, Corporate Communications of the 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 the CBN would stick to that directive.

The statement read in part: “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised 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 re-issue and recirculate the old N200 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 CBN on this subject.”

The CBN was reacting to a message purportedly issued by Mr. Nwanisobi indicating that the CBN had directed DMBs to continue to receive old N500 and N1,000 notes until May 1.

It claimed that the directive followed a purported meeting between CBN officials and president Buhari.

That message has been widely circulated on social media.

Old notes

However, Vanguard investigations have indicated that the DMBs have been receiving the old N500 and N1,000 notes since the beginning of this week.

A DMB 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.