CBN denies directing banks to collect old N500, N1,000

The Central Bank of Nigeria (CBN) on Friday denied directing banks to collect old N500, and N1,000 notes.

Officials of the apex bank had told customers who teemed to the bank to change their old money that they should take it to commercial banks but make sure they have a code from the CBN website.

Osita Nwanisobi, director, corporate communications, said this in a statement he signed. This comes after the CBN staff at Lagos branch told the individuals, mostly traders who besieged their office to generate a code from the CBN platform and go to their banks to deposit old N500, and N1,000 below N500,000.

“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 recirculate the old N200 banknotes 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 Central Bank of Nigeria on this subject,” the statement reads.

Read also: CBN directs customers with below N500,000 to banks for deposit

Some banks had notified their customers that they can bring their old higher denomination of the banknotes even on Saturday.

“This is to inform you that our branches shall receive old notes up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal.

Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location. In addition, our branches will be open tomorrow, Saturday 18 February 2023 to redeem old notes,” FirstBank of Nigeria said in a notice to its customers.

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has asked all bank staff to stay away from work during this period of crisis across the country.

This followed series of attacks on banks facilities by angry Nigerians who are frustrated due to the persistent cash crunch.

A statement signed by Olusoji Oluwole, national president, reads, “The National Secretariat has been inundated with reports of threats and attacks on lives and properties of members and bank branches, and subsequently has been on the field to monitor and confirm the reports,

“We issued warnings and appeals to Government to provide security measure for the safety of lives and properties of our members within and around the bank premises, but regrettably the attacks have continued without any form of security for the safety of our members, and the recent being the attack today, Friday 17rh February 2023 on one bank branch at Epe, Lagos State.

“We cannot leave the lives and properties of our members exposed to obvious danger. Consequently, all members should today immediately stay away from work in any stole where bank branches are attacked. This is to continue every day until normalcy is restored. Please note, you will be available for further directives as events develop.”