Commercial banks no fit collect old 1000, 500 naira notes – CBN tell Nigerians

N1,000 note

BBC

Central Bank of Nigeria don deny tori wey dey spread up and down say dem don authorise deposit banks to begin dey collect di old N500 and N1,000 from dia customers.

Di apex bank clear di mata for inside one statement wey di CBN Director of Corporate Communications, Osita Nwanisobi issue on Friday, 17 April.

Oga Nwanisoba tok say make di public ignore di information.

E add say in line wit President Muhammadu Buhari message on February 16, di only tin wey di CBN authorise na to reissue and recirculate di old N200 banknotes and e dey expected to circulate as legal tender for 60days.

Meanwhile, tori bin spread earlier say di apex bank don give deposit banks go ahead to collect di old naira notes wey no pass N500,000 from dia customers.

Wen BBC Pidgin call di tok-tok pesin of di CBN to confam di tori, e say bank customers wey get di N1,000 and N500 notes wey be maximum of N500,000 to go deposit am for dia banks.

“Wetin you need sabi dey for our website.

“If you dey pay anything from 500,000 below, go your bank, generate di code from CBN portal, den go refer you to your bank to deposit di money,” e tok.

Dis informate bin dey come afta plenty Nigerians gada for di Central Bank offices for dia states to deposit dia old naira notes wey don stop to be legal tender according to di CBN.

Some banks don begin comply wit di directive.

Viral fotos and videos for social media show as hundreds of pipo gada for di Central Bank office for different parts of di kontri to deposit dia old naira notes as today – 17 February, 2023 na di deadline CBN bin give.

Di redesigned 1000, 500 and 200 Naira notes

Getty Images
Di redesigned 1000, 500 and 200 Naira notes

Di Central Bank of Nigeria bin set two deadline dates wey be February 10 and February 17 for di use of di old naira notes across di kontri.

Di first deadline na di 10-day extension of di deadline from January 31 to February 10, 2023 wey go allow for collection of more old notes wey Nigerians get and to achieve success for di swap for di rural communities.

Afta dat date, all old notes outside of di CBN go lose dia legal tender status – e mean say you no go fit spend am again.

Sake of dis naira redesigned policy wey di CBN introduce, three northern states, Kaduna, Kogi and Zamfara, bin file motion ex-parte on 3 February, say make di top court stop bank naira redesign policy.

Dem say di policy dey affect many Nigerians daily living as dem no fit access di new notes and di old naira notes too no dey available, so feeding and to do normal transactions don become problem for di kontri.

Di court wey bin sit on Wednesday to hear di mata, later postpone dia ruling to February 22, 2023 – three days before di kontri presidential election.

As di case still dey di highest court, President Muhammadu Buhari address im kontri pipo on 16 February and direct di Central Bank of Nigeria (CBN) to release di old notes of 200 for Nigerians to continue use am as legal tender.

Di President tok say di N200 go function as legal tender alongside new 200, 500 and 1000 naira notes.

Di President tok say di 200 go function as legal tender alongside new 200, 500 and 1000 naira notes.

”To further ease di supply pressures particularly to our citizens, I don give approval to di CBN say make dem release di old N200 bank notes back into circulation and dat make dem allow am circulate as legal tender with di new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 wen di old N200 notes cease to be legal tender,” Buhari tok.

How you fit deposit your old naira notes to CBN

Di CBN release guidelines on how you fit deposit your old naira notes afta di 17 February deadline.

According to di apex bank, If you wan deposit below N500,000, generate code from di CBN portal, carry di code go your bank, deposit di money for there.

Wit dis, you no go need go CBN to deposit your money, you fit do am for your bank.

  • First enta on online portal to fill application form, afta which you go get reference number wey you go carry along with your money go CBN.
  • If you no fill di dia form online, you fit fill am for bank.
  • Di bank account go dey verified by law enforcement.

Di plan na to collect di money and deposit am put back di pesin account

Di process fit take up to four weeks.

Pesin no fit run dis deposit parole for anoda pesin, as na di pesin wey come dey expected to collect di money for im account.

If di bank account no dey valid, di bank go then return di money.

Wetin dey needed na Di reference number from d application form, di active bank account, Bank Verification Number, Federal goment ID card.

Kata-kata wey di new design policy cause

Protest happun for Ilorin, Kwara state sake of di new naira notes

BBC
Protest happun across Nigeria cities sake of di new naira notes

Di policy cause kata-kata for many parts of di kontri as some banks dey hide di new naira notes and customers no see both new and old naira notes collect for counter and ATMs. Dis one make some angry customers attack banks and stage protests for some parts of di kontri.

For Warri, Delta State, one video show wia bank customers dey climb step escape sake of say angry customers wey no see cash collect begin attack di bank staff. Oda videos show some bank customers dey naked diasef to protest sake of say dem no see moni collect for bank.

Oda videos show ATMs wey angry customers destroy for Abeokuta, Ogun state sake of dia lack of access to cash. Some banks don shut down to guarantee dia staff safety while some dey close early and also take oda preventive measures against kasala.

Also for Ibadan, di southwest part of di kontri, kasala burst for Apete area of of di town as residents waka enta street to protest di naira swap policy of di CBN.