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

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.

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.