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Monday, May 27, 2024

Naira Crisis: Banks Shun CBN Directive, Collect Old N1,000, N500

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Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts.

This was contrary to the claim by the Central Bank of Nigeria that it did not instruct the banks to continue to collect the old notes from depositors.

On Friday, KOKO TV reported that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from members of the public and pegged the maximum amount they could collect from individuals at N500,000.

The CBN swiftly issued a counter statement signed by the Director, Corporate Communications, Osita Nwanisobi, saying it did not give such a directive.

READ ALSO: El-Rufai’s Comments On Naira Redesign Treasonable – Datti Baba-Ahmed

The banking regulator stated, “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.

“For the avoidance of doubt, and in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”

READ ALSO: ICPC Grabs Filling Station Accountant Over Alleged New Naira Notes Racketeering

When one of our correspondents visited Access Bank in Oregun, Lagos, the branch was attending to customers who had succeeded in filling the required form from the CBN portal, and collecting the old N500 and N1,000 from them.

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Photo Credit: Getty

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