The denial by the Central Bank Nigeria that it had directed commercial banks to accept the deposition of old N500 and N1,000 notes has left confusion the banks and Nigerians in confusion.
Daily Report Nigeria recalls that many Nigerians had thronged the premises of the apex bank’s offices across the country to deposit their old notes following the directive of President Muhammadu Buhari.
Some CBN branches had intending depositors lined up as early as 1am, forcing an uncontrollable crowd.
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A Kaduna resident, Badamasi Aliyu, told Daily Trust how he was forced to lodge in a hotel close to the CBN office the night before so he could get there early enough.
However, Aliyu, who got to the CBN office at 3am, said he was given number 134 tag.
Similar situation across other branches of the apex bank where the exercise got seemingly out of hand and the bank officials found it difficult to control the crowd that kept increasing with time, customers were asked to return to their respective Deposit Money Banks (DMBs) to store old notes.
The CBN subsequently issued a directive to commercial banks to start collecting old N500 and N1000 notes.
“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.
“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.
“Kindly comply accordingly. Thank you,” the CBN memo read.
Newsmen had also reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, to authenticate the memo, which confirmed a clear directive.
However, Nwasinobi made a U-turn after the report went viral on social media as some Nigerians heaved a sigh of relief, as commercial banks issued public noticed to customers to bring old notes, with effect from Saturday.
“Dear Valued Customer,
This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.
“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.
Nwasinobi labeled denied that the CBN did not authorise banks to accept old notes.
He not only reversed himself but accused the media of spreading falsehood.
“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized 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 reissue and recirculate the old N200 banknotes 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 Central Bank of Nigeria on this subject,” his statement read.
The denial by the CBN spokesman made commercial banks to pull down the notice they already posted on social media, triggering more confusion.
However, a bank official who pleaded anonymity, confirmed that the reported directive by CBN was in fact true.
He said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”
Also, a customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.
“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.
Nigerians remain in a confused state and hope that the apex bank will make further clarifications in no distant time.
