Business and Economy

Take Your Old Naira Notes To Your Commercial Bank, It Will Be Collected – CBN

People who still have stockpiles of the old Naira notes have been directed to take them to their commercial banks for depositing, and such old notes will be collected from them in light of the extension approved by the President. Persons who complied with the earlier directive of the CBN to deposit such old notes directly to the CBN were turned back today at the Lagos CBN office and asked by CBN officials to take the notes to their respective commercial banks.

The Central Bank of Nigeria (CBN) has allegedly instructed all banks to begin collecting the old notes from their customers. As a result, Nigerians can now bring their old N500 and N1000 notes to commercial banks. The written directive is however yet to be sited

According to a source the CBN ordered the banks to collect the money after individuals had trouble depositing their old notes at various CBN locations.

The directive and instruction is that people should go to their commercial banks with the old Naira and adhere to the following process and procedure:

  • Fill out the the CBN designed old Naira notes deposit form at
  • After filling out the form, get the reference code generated thereon,
  • Print out the receipt
  • Then take the reference code, your printout and the your old Naira notes to your commecuial bank for depositing
  • But if your old Naira notes are more than N500,000, you will go to the CBN and deposit it.
  • The commercial banks are instructed by the CBN to accept a maximum of N500,000 from a customer.

Some of the commercial banks in the country have started complying with the CBN directive and are already appealing to their various customers to bring their old Naira notes to the bank. One of such is UBA Pls which today sent out an appeal to its various customers to bring their old Naira notes for depositing, noting that the bank is still accepting the old N1,000 and old N500 Naira notes.

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