Banks Give Conditions to Customers Before Accepting Old Naira Notes, as CBN Keeps Portal Open
- Commercial banks, traders, and point of sale (PoS) operators are eagerly awaiting a directive from President Muhammadu Buhari and the CBN
- Officials say they are waiting for a circular from the CBN before they start accepting the old naira notes
- Customers who try to use pay in the old notes are being directed to apply on the CBN portal to submit them
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Commercial banks are eagerly awaiting a directive from the Central Bank of Nigeria on accepting old naira notes.
The Supreme Court, on March 3, 2023, ruled that the old N200, N500, and N1,000 notes will remain legal tender until December 31, 2023.
Despite the ruling, most commercial bank branches visited are still rejecting old naira notes.
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An anonymous branch manager at EcoBank told Legit.ng they are still waiting for the CBN circular to accept old naira notes.
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He also said that only customers with a printout from the CBN portal for old naira notes could deposit them.
His words:
"Currently, customers can only deposit old naira notes by presenting a printout from the CBN portal. We are still waiting for a CBN circular that will allow us to accept the old N1,000 and N500 naira notes.
Similar comments were made by bank officials from other banks visited.
One of the officials working with Access Bank said the banks would obey what CBN says, not the Supreme Court.
He said:
“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator.”
CBN keeps return portal open
Meanwhile, the portal for depositing old notes, which opened on February 15, 2023, is still accessible.
On the portal, which can be found at https://crs.cbn.gov.ng/, Nigerians must fill in their Bank Verification Number (BVN), phone number, email address, bank details, address, the amount to be deposited, as well as the denominations to be deposited. After completing the form, a reference number is generated.
CBN plans to pump new naira notes into circulation
In another report, the Central Bank of Nigeria is preparing to make another N500bn new naira notes available to banks and, more crucially, Nigerians.
Due to the lack of new naira notes, Nigerians and PoS operators have been forced to continue trading with the old currency.
It is expected that the apex plan to pump more cash, pushing the value of new naira notes in circulation closer to N1 trillion.
Source: Legit.ng
