Naira Swap: Confusion As CBN, Banks Differ On Collection Old N500, N1000 From Customers

17 February 2023 Daily Bells Newspaper 1 min read

The country has been further thrown in a state of confusion as the apex bank, the Central Bank of Nigeria, CBN and the Deposit Money Banks (DMBs) Friday differ on collection of the old naira notes.

While there had been reports earlier that CBN has authorised the Deposit Money Banks (DMBs) to collect the old N500 and N1,000 banknotes from customers and members of the public, the CBN refuted the news saying it didn’t emanate from it.

According to the CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi, the apex bank never gave the directive to banks to start collecting the old naira notes from customers.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes,” Nwanisobi said.

He noted that the central bank, for the avoidance of doubt, and in line with President Muhammadu Buhari’s broadcast on February 16, 2023, the CBN had been directed to only reissue and recirculate the old N200 banknotes as legal tender for 60 days up till April 10, 2023.

The CBN added, “Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

“Media practitioners are advised to please, verify any information from the correct sources before publication.”

However, in a notice sent to its customer on Friday, one of the DMDs, First Bank said customers are free to come to any of its branches to deposit the old naira notes.

The statement reads; “This is to inform you that our branches shall receive old notes up to maximum of N500,000 ( Five hundred thousand naira) after registration on CBN porter.

“Please note that deposits of more than N500,000 ( Five hundred thousand naira) should be taken to the nearest CBN location.

“In addition, our branches would be open tomorrow, Saturday 18 February 2023 to receive old notes.

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