Firstbak, Ecobank Customers Make New Plans As CBN Denies Notice On Old N500, N1,000 Notes

Customers of two of Nigeria’s leading banks, First Bank and Ecobank were Friday remaking their plans after the Central Bank of Nigeria, CBN denied reports authorizing commercial banks to receive old N500 and N1,000 naira notes recently declared as no longer valid as legal tender.

Reports had emerged on Friday afternoon to the effect that commercial banks in the country should receive the old N500 and N1,000 bank notes to a maximum of N500,000.

First Bank and Ecobank had following the news reports announced that their branches would open on Saturday to receive the old notes.

The FirstBank public notice reads: “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 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.”

It, however, emerged that the notice was a fake report which the apex bank quickly rebutted.

The apex bank in a riposte to the news on Friday afternoon said that it had not authorised commercial banks to start accepting the old N500 and N1,000 notes.

It said that the only directive to the regulator from President Muhammadu Buhari was to reissue the old N200 note.

Director, Corporate Communications of CBN, Osita Nwanisobi, made the disclosure in a statement made available to The Star on Friday, February 17, 2023.

The statement reads: “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.”

Following the clarification from the CBN, customers of First Bank and Ecobank hoping to deposit the N500 and N1,000 notes still in their custody were now making new plans as to change the old naira notes.

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