The Central Bank of Nigeria says bank customers can deposit old N500 and N1000 into their banks.
However, the amount they can deposit in their banks shouldn’t exceed N500,000 (five hundred thousand Naira notes).
The spokesman for the apex bank, Osita Nwasinobi, confirmed the news to Ejes Gist News.
Latest news on old naira note deadline
This news comes after a lot of Nigerians went to the Central Bank offices in their states to turn in their old naira notes, which the CBN says are no longer legal money.
Some banks don’t comply with the directive.
Viral photos and videos on social media show hundreds of people gathered at the Central Bank office in different parts of the country to deposit old naira notes.
The Central Bank of Nigeria has set two deadline dates, February 10 and February 17, for the use of old naira notes across the country.
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The first deadline is a 10-day extension, from January 31 to February 10, 2023, so that more Nigerians can turn in their old bills and the old naira swap in rural areas can be successful.
After that date, all old notes outside of the CBN lose their legal tender status, which means you can never spend them again.
Following the CBN governor’s new naira-redesigned policy, three northern state governors, Kaduna, Kogi, and Zamfara, filed an ex-parte motion on February 3 and said, “Make di top court stop the bank naira and redesign policies.”
They say the policy affects many Nigerians’ daily lives as they can’t access the new notes and the old naira notes aren’t available, so feeding and doing normal transactions don’t become problems for the
The court that met in Abuja on Wednesday to hear Matter later moved the decision to February 22, 2023, three days before the presidential election.
While the case is still pending in the Supreme Court, President Muhammadu Buhari addressed Nigerians via Nation broadcast on February 16 and directed the Central Bank of Nigeria (CBN) to reissue the old N200 notes so that Nigerians could continue to use them as legal tender.
The president stated that the N200 note would continue to be legal tender, but the 500 and 1,000 naira notes would no longer be legal tender.
“To further ease the supply pressures, particularly for our citizens, I give my approval to the CBN’s request that they release the old N200 banknotes back into circulation and that they allow them to circulate as legal tender with the new N200 for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender,” Buhari told the UN.
How you can deposit your old naira notes at the CBN
The CBN released guidelines on how you can deposit your old naira notes after the February 17 deadline.
According to the apex bank, if you want to deposit less than N500,000, generate a code from the CBN portal, carry the code to your bank, and deposit money there.
With this, you will no longer have to visit CBN to deposit your money; you can do it at your bank.
According to the information, you cannot deposit money into another person’s account.
If the bank account is not valid, the bank will return the money to you.
What is needed from you is the reference number from the application form, the active bank account, the bank verification number, and the national identification number.