Many Nigerians thronged the Central Bank of Nigeria (CBN) offices across the nation on Friday, following President Muhammadu Buhari’s directive that they should take old N500 and N1000 notes to the apex bank.
The exercise seemed out of hand, and the bank officials found it difficult to control the crowd, which kept increasing with time. Hence people 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 sighted by Daily Trust, addressed to Branch/Operational Managers of banks read.
To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.
Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.
Meanwhile, commercial banks had 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.
However, in less than an hour, the apex bank denied asking banks to start collecting old N500 and N1,000 notes from customers.
Osita Nwanisobi, Director, Corporate Communications Department, issued a statement claiming that the CBN did not authorise banks to accept old notes.
He not only reversed himself but accused the media of spreading falsehood.
Nwanisobi said the CBN has only been directed to reissue and recycle old N200 notes.
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,” the bank said.
Earlier, Nwanisobi had confirmed to journalists that any amount below N500,000 could be deposited at commercial banks.
A bank had even asked its customers to start bringing in old notes from Saturday.
But shortly after Nwasinobi released the statement, the bank deleted a tweet through which it announced collection of old notes.
An official of the Lagos CBN office who spoke off the record had said the apex bank accepted that since the deadline for depositing the old naira notes had been shifted to April 10, deposits below N500,000 could be made at commercial banks while 500k above would be at CBN branches.
He not only reversed himself but accused the media of spreading falsehood.
While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.
A bank official, who spoke on condition of anonymity, 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.”
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.
Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line rang out, DailyTrust reports.
Meanwhile, on Thursday, CBN governor, Godwin Emefiele, appealed to Nigerians to allow the naira redesign policy work.
He said this in an interview with State House Correspondents after meeting President Muhammadu Buhari at the Presidential villa in Abuja.
He said the pains currently associated with the policy were temporary, making a case that the policy would enhance government’s fight against corruption and boost the economy.