CBN to Release New Directives as Bankers Beg for Clarity on Collection of Old Naira Notes

• The Central Bank of Nigeria is set to release new directives to commercial banks on the collection of old naira notes
• There seems to be confusion among bankers about whether they are allowed to collect old naira notes from their customers
• The banks are now hoping that a clear directive will be issued after the CBN withdrew its earlier decision

The Central Bank of Nigeria (CBN) is expected to release new directives on collecting old naira notes, following the confusion and frustration among bankers and members of the public.

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) is leading the plea for CBN to clarify its stance on depositing old naira notes.

Olusoji Oluwole, the president of ASSBIFI, explained that bankers want the CBN to issue clear directives to banks to avoid problems.

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Oluwole said:

"The CBN must come out clearly on whether banks should receive old notes from their customers to avoid any confusion and save them from embarrassment. Some customers want to deposit their old notes, and it's important for banks to know whether they can accept them or not."

Why a new CBN directive is necessary

In the last few days there have been confusion around whether the CBN approved designated commercial banks to assist in collecting the old N500 and N1,000 notes from members of the public.

There were reports that commercial banks would be allowed a maximum deposit limit of N500,000 per customer.

However, the CBN later denied issuing any directive to banks on collecting old notes, leaving many Nigerians confused, including bankers who were forced to withdraw customer notices.

Despite the CBN's denial, TheCable reports that some commercial banks had started collecting their customers' old N500 and N1,000 naira notes, adding to the confusion.

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CBN to arrest PoS operators, naira note vendors, releases contact details

Meanwhile, the Central Bank of Nigeria has expressed its intention to punish PoS operators that charge high withdrawal fees

The CBN is also targeting naira note dealers as it ramps up its efforts to alleviate Nigerians' sufferings

The CBN has also made phone numbers and email addresses available for Nigerians to report offenders

Source: Legit.ng