CBN designates banks to collect old naira notes — N500k maximum

The Central Bank of Nigeria (CBN) says it has designated commercial banks to assist in the collection of the old N500 and N1,000 notes from members of the public.

Commercial banks are only allowed to accept a maximum deposit N500,000 from each customer, CBN said.

Osita Nwanisobi, director of the apex bank’s corporate communications department, confirmed the development to TheCable on Friday.

“It’s just for amounts N500,000 and below,” he said.

With the development, banks are only acting as CBN designated agents in redeeming the old notes — N500 and N1,000 — which have “since ceased to be legal tender”, TheCable understands.

TheCable also understands that customers can only deposit the maximum sum of N500,000 and this will be done not more than once by that customer. Any deposit above the stipulated maximum amount must be made at the CBN.

In addition, any person who attempts to deposit more than once will be denied that opportunity after the first and only deposit.

The CBN had on Wednesday opened a portal on its website to enable Nigerians who could not take their old notes to commercial banks within the stipulated deadline to redeem (or deposit) them by completing an online form on the platform.

A source from United Bank for Africa (UBA) also told TheCable that the apex bank ordered the banks to commence the acceptance of the deposit of the old N1, 000 and N500 notes from customers upon the presentation of the completed printed copies of the form on the CBN portal.

The source also said such customers would be given immediate credit.

“The maximum that we can receive from a customer between now and 10th of April is a maximum of N500,000 and the customer can only deposit once within this period,” the source said.

“Our branches will be opened on Saturdays to accept such deposits and also pay customers (subject to availability of cash).”