CBN portal to deposit old notes

2023 - 2 - 17

latest news on old naira note deadline latest news on old naira note deadline

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Image courtesy of "BBC News"

Old naira note news: Deposit N500,000 and below for your bank ... (BBC News)

Di Central Bank of Nigeria say bank customers fit deposit dia old N500 and N1000 to dia banks. But di amount dem go fit deposit to di banks no go pass N500 ...

Oda videos show some bank customers dey naked diasef to protest sake of say dem no see moni collect for bank. Dis one make some angry customers attack banks and stage protests for some parts of di kontri. Some banks don shut down to guarantee dia staff safety while some dey close early and also take oda preventive measures against kasala. Di policy cause kata-kata for many parts of di kontri as some banks dey hide di new naira notes and customers no see both new and old naira notes collect for counter and ATMs. Dem say di policy dey affect many Nigerians daily living as dem no fit access di new notes and di old naira notes too no dey available, so feeding and to do normal transactions don become problem for di kontri. Viral fotos and videos for social media show as hundreds of pipo gada for di Central Bank office for different parts of di kontri to deposit dia old naira notes as today - 17 February, 2023 na di deadline CBN bin give.

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Image courtesy of "TheCable"

Naira redesign: CBN portal for collection of old notes out of service (TheCable)

According to the CBN, the portal enables Nigerians who could not to take their old N1,000, N500 notes to commercial banks within the stipulated deadline to ...

We regret any inconvenience caused by this,” the notice reads. We will be back shortly. The Central Bank of Nigeria’s (CBN) portal designed for the collection of the old naira notes is out of service.

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Image courtesy of "Vanguard"

CBN orders banks to collect old N500, N1,000 notes (Vanguard)

The Central Bank of Nigeria, CBN, has directed banks to collect old N500, and N1,000 notes from customers with reference code from its website.

However, investigation revealed that the CBN might have allowed the banks to collect the old notes from their customers, following the huge number of people that besieged its offices to deposit the old N500 and N1,000. Consequently, the CBN opened a portal for people with the old N500 and N1,000 notes to register how much they want to deposit and to get a reference code to confirm there registration. The Central Bank of Nigeria, CBN, has directed Deposit Money Banks to collect old N500, and N1,000 notes from customers with reference code generated from its website.

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Image courtesy of "Businessday.ng"

CBN denies directing banks to collect old N500, N1,000 (Businessday.ng)

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

“We cannot leave the lives and properties of our members exposed to obvious danger. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location. 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.

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Image courtesy of "Premium Times"

CBN debunks claims authorising banks to accept old N500, N1000 (Premium Times)

The CBN urged “media practitioners” to verify any information “from the correct sources before publication."

On Thursday, President Muhammadu Buhari approved the continued use of the old N200 note as the CBN also launched a portal for bank customers to deposit their old naira notes amid a scarcity of new notes. On Friday, reports claimed that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from the public. Good journalism costs a lot of money. However, the president announced that the CBN deadline for the phasing out of the old N500 and N1,000 remains. “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,” the statement said. [Central Bank of Nigeria](https://twitter.com/cenbank) (CBN) on Friday debunked claims that it ordered commercial banks to accept the old N500 and N1,000 banknotes.

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Image courtesy of "Benjamin Dada"

CBN did not authorise banks to collect old ₦500 and ₦1000 notes (Benjamin Dada)

The Central Bank of Nigeria has debunked reports that it authorised commercial banks to start accepting the old ₦500 and ₦1000 notes.

Whether you live in towns, villages or in our isolated rural communities, do not feel stampeded to deposit your old notes in the banks. This morning in Kaduna, a crowd of mostly local traders were seen at the CBN branch trying to redeem the old currencies via the cash deposit program. "For the avoidance of doubt...the CBN has been directed to only reissue and recirculate the old ₦200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023." Kaduna state's governor, Nasir El-Rufai, is one of the governors that filed a lawsuit against the ongoing demonetisation process. [Supreme Court temporarily halted the process](https://www.benjamindada.com/supreme-courts-suspends-naira-swap-deadline/) following a lawsuit by three governors from Northern Nigeria challenging the [Naira redesign](https://www.benjamindada.com/cbn-redesigning-naira-notes/), businesses and individuals across the country have since started rejecting the old Naira notes—that ceased on Feb. "I just left because the crowd was becoming aggressive."

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Image courtesy of "The Punch"

Central Bank of Confusion: CBN's conflicting orders on N1000 ... (The Punch)

The Central Bank of Nigeria on Friday threw depositors into confusion as it gave conflicting orders on the deposit of old N1,000 and N500 notes.

Depositors were at the Akpakpava branch office of the bank hoping to deposit their old note. “I got the hint of the business opportunity waiting for us here through an official of the CBN. The source, who spoke on condition of anonymity, said the governor and his team were wary of making any pronouncement that could be deemed contemptuous by the apex court. The official, who declined to mention his name, said, “Below N500,000, go to your bank with your slip; your bank will attend to you. The bank had not envisaged that the crowd would be overwhelming. The bank’s management had read ‘designated points’ to be commercial banks, hence the directive. But if the amount is more than N500,000, you will have to go to the CBN and deposit it.” 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 re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. The official had told one of our correspondents, “Go to your bank but fill the form before you go. However, viral videos emerged on Friday as large crowds besieged the CBN office in Marina, Lagos State. 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 PUNCH later relied on this official’s remarks to publish a story to that effect.

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Image courtesy of "Daily Trust"

EXPOSED: How CBN reversed itself on Old notes but accused ... (Daily Trust)

Following the directive of Buhari that Nigerians should take old N500 and N1000 notes to CBN, many thronged offices of the apex bank.

“The total amount you have specified is less than or equal to #500,000. 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. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location. Banks received the same directive from CBN. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.

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