Shocking! Banks disregard CBN, collect old N1,000, N500 notes

Several Deposit Money Banks have been found to be collecting old N500 and N1,000 notes, contrary to the Central Bank of Nigeria’s claim that it had not authorised such collection.

The CBN had earlier ordered banks to begin collecting old N500 and N1,000 notes, however, it later denied giving the directive. The banks have opened their branches to customers willing to deposit their old notes, as long as they have a reference code generated after filling the required CBN portal form.

An Access Bank official revealed that the bank only accepted deposits from those who filled the form and generated the code, while a Zenith Bank security guard explained that only those with a reference code could enter the bank. Customers can deposit up to N500,000 worth of notes, and only once, with the deposit linked to their BVN. Some depositors who had missed out on the information were disappointed, as the confusion surrounding the matter led to varying information being passed around.

Ten states, including Lagos, Ondo and Kaduna, have petitioned the Supreme Court to declare President Buhari’s directive reintroducing old N200 notes as unconstitutional, arguing that it conflicts with an interim order that the old N200, N500 and N1,000 notes remain legal tender.

Senator Abdullahi Adamu, the National Chairman of the All Progressives Congress, is expected to meet with governors of the party today to discuss the naira redesign policy and plans for the February 25 presidential and National Assembly elections.

Ondo State Governor, Rotimi Akeredolu, has called on the President to reverse his decision on the circulation of old naira notes, as it has led to widespread unrest across the country. He described the policy as “unpopular, fruitless and counter-productive,” and called for it to be halted.