Banks Continue to Accept Old N500, N1000 Notes as The CBN Portal For Old Notes Return Remains Open

• Banks have resumed accepting old naira notes after the presidential election
• The List of banks accepting old naira notes includes GTB, First Bank, and Fidelity Bank
• However, CBN’s portal accepting old N500 and N1000 notes is still open

Commercial banks have resumed the collection of old naira notes after the presidential election, which draped a lull on the economy.

The move contradicts the Central Bank of Nigeria (CBN) statement that it did not ask banks to collect the customers' old N500 and N1,000 notes.

The list of banks accepting old naira notes

The banks still collecting are Guarantee Trust Bank, First Bank, and Sterling Bank.

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Also, contrary to the apex bank statement, the Cash Return Portal of the CBN directed people with old naira notes below N500,000 to their banks to make deposits.

CBN's portal for old notes return still open

Checks by Legit.ng show that the CBN portal remains open with the instruction, “Please visit this link, https://crs.cbn.gov.ng, ONLY through the CBN website. Go to your select bank branch with printout.”

Vanguard quotes a top CBN official saying that the apex bank ordered banks to collect old N500 and N1,000 notes from the public.

CBN had pegged the maximum amount banks could collect from individuals at N500,000.

However, CBN denied the statement through its former Director of Corporate Communications, Osita Nwanisiobi.

Before the denial, the instruction on returning the old notes was still on the CBN website.

Banks invite customers to come for cash as CBN commences reissuing of old N200 notes

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CBN waiting for Nigerians to return old naira notes, keeps portal opens...Tinubu win may impact situation

Legit.ng reported earlier that more commercial banks had issued messages to their customers asking them to come for withdrawal as the Central Bank of Nigeria confirmed that it has reissued the old N200 notes following directives from President Muhammadu Buhari.

Checks by Legit. ng reveal that most commercial banks in Lagos have opened their doors to customers for over-the-counter withdrawals amid the presidential election on Saturday, February 25, 2023.

Customers formed long queues at most banks visited on Thursday, February 24, 2023. Before now, most banks have reported running out of cash, especially the newly redesigned naira notes, leading to scarcity.

Source: Legit.ng