CBN portal to deposit old notes

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.

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.

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.

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."