Many Deposit Money Banks (DMBs) have resumed old naira notes deposit collection in some of their branches nation wide to reduce long queues at the Central Bank of Nigeria (CBN) and banks’ branches.
The exercise is expected to continue till April 10, 2023.
This followed Central Bank of Nigeria (CBN) directive that the banks collect the old N500 and N1,000 notes from Nigerians with immediate effect.
Although the CBN later refuted the report, but an online video showing a director of the apex bank giving the directive at the CBN Lagos office on Friday later went viral.
In a statement, CBN’s Director of Corporate Communications Department, Osita Nwanisobi said the regulator is only reissuing and recirculating the old N200 banknotes which is expected to circulate as legal tender up to April 10, 2023, in line with President Muhammadu Buhari’s directive.
However, commercial banks including FirstBank, GTBank, Access Bank, Lotus Bank, Fidelity Bank, UBA, Lotus Bank, Sterling Bank, among others advised their customers to bring the N1,000 and N500 old notes to their branches starting Saturday.
A visit to many of the banks’ branches showed the banks kept to their promise. Although only a few branches were opened for business, many of the customers who had old naira notes below N500,000 were able to deposit their cash.
Michael Akinkotu, a Lagos-based entrepreneur, said he was able to make a cash deposit of N500,000 at the GTBank branch in Airport Road, Lagos. He said the security men at the gate allowed only those depositing old naira notes, and with CBN reference code for registered cash.
“A s early as 7.am on Saturday, I was at GTBank, Airport Road Lagos. I printed a reference code generated from the CBN website after I completed form on the portal. That gave access to the GTBank banking hall where I deposited the cash,” he said.
Managing Director, Countryside Communication Limited, Johnson Okonlawon, said he was able to deposit old naira notes at Access Bank Iyana Ipaja branch.
“Access Bank, FirstBank, Lotus Bank at Iyana Ipaja opened and are collecting old naira notes from customers. I received instant alert after the cash deposit,” he said.
He added: “The challenge many people are having is how to generate code from the CBN portal. Many requests are now returning with validation errors. But once you generate the code, the bank allows you to pay in. Even, deposit is instant at Lotus Bank, Agbotikuyo branch, Agege, Lagos.”
In PortHarcourt, a depositor said Access Bank received old naira cash deposits from customers.
“Although there was large number of customers at one of the bank’s branches in Port Harcourt, but the bank received old naira notes. They said the exercise continues next week,” the customer said.
Another customer said Zenith Bank is also collecting old naira notes from customers.
“Zenith Bank has started to collect the old N500 and N1,000 from their customers as at today Saturday. The bank promised to open their branches tomorrow- Sunday as well. We were told that the exercise continues till 10th April this year and that more banks will do same from next week,” the customer said.
In emailed notes to customers, the banks said they were opened for business on Saturday to receive old naira notes of N500 and N1,000 denominations.
One of the Tier-1 banks advised the branch operations and staff on modalities for accepting old naira notes. “Please be informed that customers returning their old N500 and N1,000 notes can now deposit the money at any of our branches. The customer can deposit an maximum of N500,000 of the old N500 and N1,000 denominations up to April 10, 2023. Multiple or split deposits are not allowed,” the bank said.
“Only account holder/ signatory or authorized representative of a corporate account is allowed to make the deposit and not third party. On no account should third party deposit old naira notes into another customer’s account. Note that old naira notes and new naira notes should not be merged in one deposit slip,” the bank added.
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