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

The Central Bank of Nigeria (CBN) on Friday directed all individuals with old N500 and N1,000 who have generated the required code to go to their bank to deposit their money.

The CBN official who spoke with BusinessDay at Lagos branch said it is only those that have N500,000 and above that can come to the CBN with their generated codes.

Some of the bank staff who spoke with BusinessDay on Friday said they have not received a directive from the CBN in that regard.

“We are only receiving N200 for now, maybe by Monday we will start collecting N500 and N1,000,” a banker said.
Read also: Crowd returning old naira notes besiege CBN Lagos, Kaduna

Nigerians who are mostly traders besieged the CBN branch in Lagos to deposit their old higher denomination after President Muhammadu Buhari’s broadcast on Thursday.

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As at 2.00pm on Friday these low income earners were still hanging around the CBN office and banks around Tinubu area of Lagos Island.

In his broadcast, Buhari gave approval to the Central Bank of Nigeria (CBN) that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

He said in line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

The CBN has opened a portal on its website for redeeming the old currency. “Please click here to create your profile, generate a reference and print out a receipt for you to proceed to the nearest CBN Branch to deposit your old N1000, N500 and N200 notes into your bank account.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.