Conflicting Statements Cause Confusion as CBN Denies Authorising DMBs to Receive Outlawed Banknotes

Many Nigerians were further thrown into a state of confusion on Friday following conflicting notices from some deposit Money Banks (DMBs) and a statement from the Central bank of Nigeria (CBN).

Unauthenticated notices, by Newsshelve, from some of the leading banks claimed that their branches will still receive old notes up to a specified amount.

One of the unauthenticated notices read, “Dear valued customer, this is to inform you that our branch shall receive old notes 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 opened tomorrow Saturday 18 February 2023 to receive old notes.”

In the same vein, a notice from another bank read, “we have not stopped collecting old N500 and N1000 notes. Please note that the maximum deposit value is N500, 000 per customer. Our branches continue to remain open for cash deposits on Saturdays”

In a counter statement, however, the apex bank claimed it did not authorized any DMB to collect the outdated banknotes.

The statement signed by the Director Corporate Communications department of CBN, Osita Nwanisobi, said the February 16th broadcast of President Buhari only permitted reissuance of N200 banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast. … 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 April10, 2023.” The statement read in part.

The statement urged the public to disregard any information not formally issued by the apex bank.

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

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