Banks Disregard CBN Directives, Continue to Collect Old N500 and N1000 Notes

• Recent findings have shown that many banks are still collecting old naira notes
• The move is contrary to the directive by the Central Bank of Nigeria denying it did not ask the banks to take the old notes
• Findings reveal that some of the banks opened to help customers deposit their old notes that are still in their possession

Deposit Money Banks, as of the morning of Saturday, February 18, 2023, have ignored the directives of the Central Bank of Nigeria (CBN) and continued to collect old naira notes from customers.

The move by the banks is contrary to a statement by CBN saying it did not direct the banks to collect the old N500 and 1,000 notes from Nigerians.

Banks open on weekends to take old notes

Findings by Legit.ng showed that some banks opened on Saturday to help customers with old naira notes deposit them in their bank accounts.

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How CBN reversed ttself on old naira notes after sending Memo to commercial banks to collect them

Vanguard report names the banks still collecting old N500 and N1000 notes.

Also, the CBN Portal directed Nigerians to return their old N500 and N1000 notes to their banks.

CBN tells Nigerians to take old notes their banks

The statement on CBN’s website contradicts the apex bank’s denial that it authorized banks to collect old customer notes.

One of the bank officials interviewed by Legit.ng, who pleaded anonymity, said the CBN directive is not specific and did not state that banks should not take old notes from customers.

“The statement denied CBN asking banks to collect old naira notes but was silent on directing them, hence the reason we are still taking old notes. We are taking N500,000 and below,” she said.

There was confusion on Friday, February 17, 2023, when reports emerged on social and conventional media that CBN had asked Deposit Money Banks to accept old N500 and N1000 notes.

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The report led to banks releasing statements on social media to customers to bring their old notes for deposit.

“We are still collecting old naira notes,” a message from one of the banks read.

CBN confuses Nigerians, denies asking banks to collect old notes

After the reports went viral in less than an hour, CBN issued a rebuttal stating that it did not direct banks to take old naira 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 recirculates the old N200 banknotes, and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Therefore, members of the public should disregard any message and information not formally released by the Central Bank of Nigeria on this subject,” his statement read.

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UPDATED: Nigerians confused as CBN denies asking banks to collect old N500 and N1,000 Notes, banks React

How CBN reversed itself on old Naira Notes sfter sending memo to commercial banks to collect them

Legit.ng reported that many Nigerians have been asking about the confusion that trailed media reports about CBN asking Deposit Money Banks (DMBs) to accept old naira notes on Friday, 17, 2023 what happened that the CBN would reverse itself so soon.

Due to the directive by President Muhammadu Buhari that Nigerians should take old N500 and N100 notes to the Central of Nigeria (CBN), many Nigerians besieged bank offices across Nigeria on Friday, February 17, 2023.

Many reported arriving at the CBN office as early as 1 am and lined in front of the CBN office in Marina, Lagos, where there was a rowdy crowd.

Source: Legit.ng