Again! banks receive old N500, N1,000 notes

CITIZENS COMPASS– DEPOSIT Money Banks (DMBs) have started receiving old N500 and N1, 000 notes.

There was confusion, two weeks ago, on the fate of members of the public who had the affected notes in their possession.

While announcing the extension of the deadline for the circulation of the old notes from January 31 to February 10, the Central Bank of Nigeria (CBN) said it would continue to receive the old notes between February 10 and 17, after they had ceased to be legal tender.

Officials of the CBN told those with less than N500,000 to take such monies to their DMBs.

But when they got to their banks, the banks refused to receive the notes.

However, Vanguard investigations have indicated that the DMBs have been receiving the old N500 and N1,000 notes since the beginning of this week.

A DMB official told Vanguard in Abuja, yesterday, that customers could deposit any amount below N500,000.

She said that customers could make a deposit once, after downloading the appropriate form from the CBN portal from where a code would be allocated for the deposit.

It was learnt that holders of the affected old notes could deposit them in their bank account until April 10.

A top CBN official confirmed the new development and explained that it was informed by the fact that the apex bank did not want holders of old N500 and N1,000 notes to lose their money.


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