Deposit Banks in Nigeria resume receipt of old N500 and N1000 notes

Deposit Banks in Nigeria resume receipt of old N500 and N1000 notes

Investigation has revealed that Deposit Money Banks (DMBs) in Nigeria have resumed the receipt of old N500 and N1000 notes.

According to reports, the banks started receiving these notes at the beginning of this week.

A bank official disclosed to Vanguard in Abuja on Wednesday that customers could now deposit any amount below N500,000. To do so, they must download the appropriate form from the Central Bank of Nigeria (CBN) portal, from where a code would be allocated for the deposit.

It has been learned that individuals holding the affected old notes could deposit them in their bank accounts until April 10. The decision was made by the CBN in a bid to prevent holders of the old notes from losing their money.

Just two weeks ago, there was confusion surrounding the fate of those who held the affected notes in their possession. The CBN had initially extended the deadline for the circulation of the old notes from January 31 to February 10, stating that it would continue to receive them between February 10 and 17 after they had ceased to be legal tender.

However, some holders of the notes were turned away when they tried to deposit them at the apex bank. The CBN later clarified that individuals with less than N500,000 should take such monies to their banks, but some banks refused to accept them.

On February 21, the CBN issued a statement denying reports that it had directed DMBs to receive old N500 and N1000 notes from their customers. Mr. Osita Nwanisobi, who retired as Director, Corporate Communications of CBN last week, clarified that only old N200 notes had been directed by President Muhammadu Buhari to be reissued, and the CBN would stick to that directive.