CBN reverses self on old notes collection directive
The Central Bank of Nigeria yesterday reversed its self on directive to commercial banks to accept deposits of old N500 and N1000 notes from customers.
In a memo sighted by Daily Trust Saturday, the apex bank directed Branch/ Operational Managers of banks to commence collection of old naira notes.
“I am directed to convey to the Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.”
To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.
But moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.
Meanwhile, commercial banks had issued public notice to customers to bring old notes, with effect from Saturday.
“Dear valued customer.This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. 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 will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.
However, in less than an hour, Nwasinobi issued a statement claiming that the CBN did not authorise banks to accept old notes.
He not only reversed himself but accused the media of spreading falsehood.
“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized 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,” his statement read.
While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.
A bank official, who spoke off the record, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”
Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line was switched off.