BANKS ONCE MORE RECEIVE OLD N500 AND N1,000 NOTES

Old N500 and N1,000 notes have started to arrive at Deposit Money Banks (DMBS).

Two weeks ago, there was uncertainty on what would happen to people who had the impacted notes in their possession.

The Central Bank of Nigeria (CBN) said it would continue to accept the old notes between February 10 and 17, after they had ceased to be legal money, when it announced the extension of the deadline for the circulation of the old notes from January 31 to February 10.

Some of the holders were, however, turned away when the impacted notes were brought to the apex bank.

CBN representatives advised anyone with less than N500,000 to take those funds to their DMBS.

When they arrived at their banks, however, the banks declined to accept the notes.

The CBN issued a statement on February 21 in the middle of the chaos, refuting claims that it had instructed Deposit Money Banks (DMBS) to accept old N500 and N1,000 notes from their clients.

Media claims that the central bank had issued such an order were false, according to Mr. Osita Nwanisobi, who resigned from his position as director of corporate communications for the CBN last week.

He made it clear that the CBN would follow President Muhammadu Buhari's directive, which said that only old N200 notes would be reissued.

The declaration said, in part: "The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised 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 re-issue and recirculate the old N200 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 CBN on this subject."

The CBN was reacting to a message purportedly issued by Mr. Nwanisobi indicating that the CBN had directed DMBS to continue to receive old N500 and N1, 000 notes until May 1.