Updated: Emefiele Orders Banks To Accept Old N500, N1,000, Set Condition For Depositors

February 17, 2023
GTCO, First Bank Fail To Make Top Five Performing Nigerian Bank Stocks In H1

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMB) to accept the old N500 and N1,000 notes but set a limit to customers’ deposits.

CBN said the old N500 and N1000 notes are not legal, however, banks are allowed to accept them from customers depositing their funds.

Join our WhatsApp Channel

The financial regulator, led by Godwin Emefiele, revealed that customers can only deposit a maximum of N500,000, and any amount above should be deposited at any of the central bank branches. 

According to the apex bank, to deposit old Naira notes at commercial banks, customers are still expected to generate a reference code on the CBN website. 

The reference code should be taken to the customers’ bank to deposit the old Naira notes, Punch quoted a source in the central bank on Friday. 

“Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it,” an unnamed CBN official said.

This directive follows President Muhammadu Buhari’s nationwide broadcast, where he told Nigerians that the N200 will remain legal until April 10, 2023.

He said the old N500 and N1000 should be deposited with the CBN, ruling out their usage, “To further ease the supply pressures particularly to our citizens, I have given approval to the 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. 

“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,” Buhari told Nigerians.

The central bank governor, Emefiele, had also met with 15 banks on Thursday to provide guidelines on the disbursement of the N200 notes.

+ posts

Latest from Business

Naira and dollar exchange

Naira Opens Week Positive As Inflation Further Drops

The Nigerian naira opened the week on a positive note, trading below ₦1,500 per dollar at the official foreign exchange market. The Central Bank of Nigeria (CBN) data showed that the naira appreciated to ₦1,497.5 per dollar at the Nigerian Foreign Exchange Market (NFEM)
Jumoke Akande Joins Avanti Communications As Chief Marketing Officer
Previous Story

Jumoke Akande Joins Avanti Communications As Chief Marketing Officer

Next Story

Naira Scarcity: Violent Protest Erupts, As Gunshots Fired In Ojota Area Of Lagos 

Don't Miss

5 Top Female Managers Who Make UNILAG Nigeria's Most gender-friendly University

5 Top Female Managers Who Make UNILAG Nigeria’s Most gender-friendly University

By the appointment of Professor Folasade Ogunsola as first female
‘Bad Boys: Ride Or Die’ Lead Nigeerian Box Ofice

Will Smith, Martin Lawrence Confirm ‘Bad Boy 4’

Hollywood actors Martin Lawrence and Will Smith have revealed that