Home Finance CBN says it has not authorise banks to collect old N500, N1,000 notes, but UBA says it accepts old notes

CBN says it has not authorise banks to collect old N500, N1,000 notes, but UBA says it accepts old notes

by Business News Report

Central Bank of Nigeria, CBN has described as fake news that it has authorised banks to begin to collect N500, and N1,000 as deposit. The apex bank in a statement issued in Abuja said “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 recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject”.

But UBA in an e-mail message to customers at 5 PM Friday said “we have not stopped collecting old N500, N1,000. Here’s how to deposit old notes: Log on to crs.cbn.gov.ng to register on the CBN portal, visit any UBA branch with the following: the cash you wish to deposit, the reference number generated from the CBN portal, your BVN; Please note that the maximum deposit value is #500,000 per customer. Our branches continue to remain open for cash deposits on Saturdays alongside our 24/7 digital banking channels; Leo, UBA Mobile App, Internet Banking and *919#. For enquires please call our 24hr Customer Fulfilment Centre on 07002255822 or email us at cfc@ubagroup.com Thank you for banking with us.

Some news outlet had reported that “Nigerians can now take their old N500 and N1000 notes to commercial banks as the Central Bank of Nigeria (CBN) reportedly asked all banks to start collecting the old notes from their customers. Although the CBN insisted that the old notes are no longer legal tender, it ordered banks not to collect more than N500,000 from their customers. A source who spoke to The … said the CBN directed the banks to collect the monies following the difficulties people went through to deposit their old notes at the CBN branches. The source said, “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.”

Recall that following President Muhammadu Buhari’s nationwide address on the Naira crisis on Thursday, February 16, 2023, the Governor of the Central Bank of Nigeria, Godwin Emefiele directed banks executives to make the old N200 banknotes available. In his broadcast, Buhari extended the validity of the old N200 banknote by 60 days, while affirming the February 10 deadline for the expiration of N500 and N1000 banknotes as legal tender. Despite the Nigerians’ criticisms against the CBN’s controversial cashless policy, Emefiele urged them to allow the policy to work, saying he believes it would bring advancement to the nation’s economy. He assured that the CBN would continue working to ease the sufferings Nigerians are going through as a result of the cash crunch.

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